Russia removes Cyprus from `black list`

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 1^st.

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.