The Russian Ministry of Finance has announced that letters have been sent to the Ministries of Finance of Luxembourg and Malta concerning revisions of the tax treaties with the two countries. This includes an increase in the withholding tax rate to 15% for both dividend and interest income under the respective treaties. The Ministry 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.