The Russian Ministry of Finance has removed Cyprus from its `black list`, according to a Cyprus Ministry of Finance press release issued here, on Wednesday.
This move comes as a result of a Protocol signed on October 7, 2010 amending the agreement for the avoidance of double taxation of 1998 between the two countries.
A Russian Ministry of Finance decree to that effect has come into force as of January 1st.
Cyprus’ removal from the list reinforces the competiveness of its economy, in relation to investments from Russia and in general, as well as its reputation as a reputable international business centre, the press release says.
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