diff --git a/swh/loader/cvs/cvs2gitdump/cvs2gitdump.py b/swh/loader/cvs/cvs2gitdump/cvs2gitdump.py
--- a/swh/loader/cvs/cvs2gitdump/cvs2gitdump.py
+++ b/swh/loader/cvs/cvs2gitdump/cvs2gitdump.py
@@ -30,6 +30,7 @@
 #   % git --git-dir /git/openbsd.git fast-import < openbsd2.dump
 #
 
+import copy
 import getopt
 import os
 import re
@@ -588,6 +589,7 @@
                 except ValueError:
                     break
                 prefix = line[:m.start(1) - 1]
+                next_match_segment = copy.deepcopy(line[dsign:])
                 line = line[dsign + 1:]
                 line0 += prefix
                 expbuf = ''
@@ -648,7 +650,14 @@
                 if (mode & self.RCS_KWEXP_NAME) != 0:
                     expbuf += '$'
                 line0 += expbuf[:255].encode('ascii')
-                m = self.re_kw.match(line)
+                m = self.re_kw.match(next_match_segment)
+                if m:
+                    line = next_match_segment
+                    if (mode & self.RCS_KWEXP_NAME) != 0 and line0[-1] == ord('$'):
+                        # There is another keyword on this line that needs expansion.
+                        # Avoid a double "$$" in the expanded string. This $ terminates
+                        # the previous keyword and marks the beginning of the next one.
+                        line0 = line0[:-1]
 
             ret += [line0 + line]
             if logbuf is not None:
diff --git a/swh/loader/cvs/tests/data/greek-repository4.tgz b/swh/loader/cvs/tests/data/greek-repository4.tgz
index 0000000000000000000000000000000000000000..0000000000000000000000000000000000000000
GIT binary patch
literal 0
Hc$@<O00001

literal 0
Hc$@<O00001

diff --git a/swh/loader/cvs/tests/test_loader.py b/swh/loader/cvs/tests/test_loader.py
--- a/swh/loader/cvs/tests/test_loader.py
+++ b/swh/loader/cvs/tests/test_loader.py
@@ -361,10 +361,10 @@
 
 
 GREEK_SNAPSHOT4 = Snapshot(
-    id=hash_to_bytes("11673e2766654bd5fafb5119b418794230d48d6b"),
+    id=hash_to_bytes("26e943053ea9c5f961336a72328cac22026ed3b5"),
     branches={
         b"HEAD": SnapshotBranch(
-            target=hash_to_bytes("fe4a926d49d2af76e0025a8ba0b4ed159aec6829"),
+            target=hash_to_bytes("ed784aff0e0743244bb1f30ba21c8abcd0d460ab"),
             target_type=TargetType.REVISION,
         )
     },
@@ -395,14 +395,14 @@
 
     stats = get_stats(loader.storage)
     assert stats == {
-        "content": 9,
-        "directory": 22,
+        "content": 12,
+        "directory": 31,
         "origin": 1,
         "origin_visit": 1,
         "release": 0,
-        "revision": 8,
+        "revision": 11,
         "skipped_content": 0,
-        "snapshot": 8,
+        "snapshot": 11,
     }
 
     check_snapshot(GREEK_SNAPSHOT4, loader.storage)
@@ -435,14 +435,14 @@
 
     stats = get_stats(loader.storage)
     assert stats == {
-        "content": 9,
-        "directory": 22,
+        "content": 12,
+        "directory": 31,
         "origin": 1,
         "origin_visit": 1,
         "release": 0,
-        "revision": 8,
+        "revision": 11,
         "skipped_content": 0,
-        "snapshot": 8,
+        "snapshot": 11,
     }
 
     check_snapshot(GREEK_SNAPSHOT4, loader.storage)