This content is from: Local Insights

Removal of Cyprus from Russian list

The Central Bank of Cyprus has recently announced that the Central Bank of the Russian Federation has removed Cyprus from the list of countries it regards as offshore centres with preferential tax regimes. Under a regulation introduced by the Central Bank of the Russian Federation in 2003, transactions by Russian banks with banks in jurisdictions which appear on the list are subject to a number of restrictions.

According to the Central Bank of Cyprus, removal from the list is a positive development which enhances Cyprus's reputation as an international financing centre and reflects the close cooperation between the two central banks over the past few years in the area of banking supervision.

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