Cyprus have been removed from the countries described as offshore zones by the Russian Central Bank

The Central Bank of the Russian Federation has issued instructions, which came into force on 29 March 2010, for the removal of Cyprus from the list of countries described as ``offshore zones`` with a privileged taxation system. According to a Central Bank of Cyprus press release, ``the removal of Cyprus from the list is a positive development and strengthens the reputation and esteem of Cyprus as an international financial centre.``

The Central Bank of Cyprus also notes that the instructions prove the close cooperation between the two Central Banks over the past few years in the sector of banking supervision.

According to a Regulation of the Central Bank of the Russian Federation, which was introduced in 2003, the opening of bank transfer accounts from Russian banks to banks operating in ``offshore zones`` is subject to various terms, conditions and restrictions.

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