Cyprus and Russia have agreed on an amendment to the double taxation agreement (DTA) between the two countries following fears that Russia may walk away from the DTA.

The changes will mean Cyprus is exempt from a 15 percent withholding tax on dividends for regulated entities, such as pension funds and insurance companies, as well as listed companies.

At the same time interest payments from corporate and government bonds as well as Eurobonds are excluded from the 15 percent withholding tax in the revised treaty.