Given the sanctions adopted by the European Union, the US and other nations in relation to Russia, the executive order will make it possible to redirect Russian borrowers towards Asian capital markets and reduce expenses for attracting and servicing loans.
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Developed by the Ministry of Finance.
The purpose of the Protocol is to offer tax exemption of a taxable body in one party of the Agreement, on interest on a loan offered by a bank in the other party to the Agreement.
Since the statutes of the Protocol differ from Russian legal norms, the Protocol is subject to ratification based on Article 15 of the Federal Law On International Agreements of the Russian Federation.
Given the sanctions adopted by the European Union, the US and other nations in relation to Russia, the signing of the Protocol will make it possible to redirect Russian borrowers towards Asian capital markets and reduce expenses for attracting and servicing loans.
The document was discussed and approved at the Russian Federation Government meeting on 12 March 2015.