The Ministry of Finance announced that Cyprus has been excluded from the Russian black list.

According to the announcement, the Minister of Finance of the Russian Federation, with a decree that came into force on January 1, 2013, has removed Cyprus from the black list of the Ministry of Finance of the Russian Federation. That is a result of the Protocol signed on 7^th of October 2010, amending the Double Tax Treaty of 1998, which is now in force, without any reservation as from 1^st of January 2013.

The Cypriot Ministry of Finance also emphasized that the removal of Cyprus from the list, strengthens the competitiveness of Cyprus in investments from Russia and by extension the Cypriot economy as well as the reputation of Cyprus as a reputable international business center.