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To mark 50 years of diplomatic relations between the two countries, Russia and Cyprus have concluded 15 bilateral agreements, signed on 7 October during an official visit to the Mediterranean island by Russian President Dmitri Medvedev. Moscow daily Kommersant explains that one key accord will prevent double taxation of Russian investments on the island. Cyprus, which is increasingly used as a base for Russian off-shore companies which benefit from generous fiscal conditions on the island, is the major conduit for capital invested in Russia (37.4 billion euros in 2010). Most of this money was originally sourced in Russia itself.
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