Cyprus Is Pinching Russia

Tuesday 19th March, 2013

Photo: Those who’ve done business with Russia are familiar with the system of incorporating companies in Cyprus and moving money through Cypriot banks. The bailout plan will affect large amounts of Russian cash – $31 billion, estimated by the Moody’s ratings agency – and Russia is not happy about it. Ties between Russia and Cyprus go back to the 1990s. The treaty between the republic of Cyprus and the Russian Federation has helped Russian businesses avoid double taxation and offered considerable advantages to businesses and individuals with offshore companies. That said, the q…

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