Russia Allows Tax Exemptions and Reductions in Respect of Interest Payments to Export Credit Agencies and Banks Under Suspended Tax Treaties

The Russian Ministry of Finance has issued a release concerning the continued application of withholding tax exemptions and reductions on interest payments following the recent suspension of 38 tax treaties with "unfriendly" countries (previous coverage). The release provides that when making interest payments to export credit agencies or banking organizations in unfriendly countries that were previously eligible for an exemption or a reduced withholding tax rate under a tax treaty, tax agen…