A suspected Russian spy who jumped bail in Cyprus has probably fled the island, Cypriot Justice Minister Loucas Louca has said.

Christopher Robert Metsos, 54, skipped bail on Wednesday a day after a court ordered his release from custody. He is wanted by the United States on allegations of being paymaster to a group of suspected Russian sleeper spies arrested last weekend.

"It's my belief that he has left Cyprus, I do not think he is in areas controlled by the republic," said.

Metsos, holder of a Canadian passport, was in Cyprus when his 10 co-accused were arrested in the United States.

He had attempted to leave the island on Tuesday morning for Budapest and was arrested on the basis of an Interpol alert.

A court ordered he be freed on bail, overturning a request from police he remain in custody. He handed in his passport, but disappeared a day later.