Russia hits back at Cyprus over sanctions

08:07 - 09 August 2023

Economy

Russian President Vladimir Putin has signed a decree suspending Russia's double taxation agreements with 38 "unfriendly countries" – including Cyprus – in response to the west’s sanctions on the country following its invasion of Ukraine.

The measure had been proposed by the country’s Finance and Foreign Ministries back in March.

The decree – effective immediately – states that the decision was taken “based on the need to take urgent measures in connection with the commission of unfriendly actions by a number of foreign states against the Russian Federation, its citizens and legal entities.”

Regarding Cyprus specifically, it says that articles 5-22, 24, 27 and 29 of the Cyprus-Russia double taxation avoidance agreement relating to income and capital tax will be suspended. Said agreement has been in effect since 1999. It was updated and revised in 2012 and 2021.

The decree covers nation states such as the US, Canada, UK, Ireland, Australia and Singapore, as well as EU states including Belgium, Italy, France and Cyprus were also named in the 38 countries.

Russia hits back at Cyprus over sanctions

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