As a result of heavily publicised negotiations in August, a protocol amending the long standing double taxation treaty has been signed between Russia and Cyprus (each, a “Contracting State”) on the 8th of September 2020. The crucial features of the amending protocol are the following: - Dividends: Regarding the tax withheld from the Contracting State of which the company paying the dividends is a resident, the protocol sets a limit of 15%, where the beneficial owner of the di