On 15 February 2012, the Russian Duma ratified the amending Protocol to the Cyprus-Russia Double Tax Treaty of 1998, signed on 7 October 2010. Cyprus already ratified the Protocol in August 2011.
The ratification of the Protocol confirms the removal of Cyprus from the Russian "black" list. The delay in ratifying the Protocol on Russia's part is accounted towards the preparation of the procedures for information exchange between the two countries.
The only item pending now is the signing of the Protocol by the Russian President, Dmitry Medvedev. Once signed, and in accordance with the provisions of the Protocol, it will come into effect as from 1 January 2013. Some provisions of the Protocol will have effect as from 1 January 2017.