Officials from Cyprus and Russia are scheduled to meet via videoconference on 25 June 2020 to discuss the negotiation of revisions to the 1998 tax treaty between the two countries, including an increase in the withholding tax rates under the treaty to 15% for both dividend and interest income. Earlier in the year, Russia announced that it would consider unilaterally withdrawing from tax treaties that do not provide for a minimum 15% withholding rate. Under the current treaty, a 5% withholding tax rate applies for dividends where the direct investment is at least EUR 100,000 (otherwise, 10%), and interest income is exempt from withholding.