Officials from Cyprus and Russia discussed on 3 April 2020 a proposal from Russia for the revision of the tax treaty between the two countries. According to a release from the Cyprus government, the two sides discussed an increase in the withholding tax rate to 15% for both dividend and interest income under the treaty. The Russian Ministry of Finance was recently instructed to review treaties providing for a rate lower than 15% and approach treaty partners for revision negotiations. In the event of refusal by treaty partners, Russia will consider unilateral withdrawal from the treaty.