In September, the Government of the Russian Federation and the Federal Council of the Swiss Confederation signed a protocol on introducing amendments to the current double taxation treaty dated 15 November 1995 (the "Protocol").

Following ratification of the Protocol, the Federal Tax Service of the Russian Federation (the "FTS") will be able to request from the Swiss Ministry of Finance information on bank accounts and payment transactions of Russian citizens and legal entities.

For its part, Russia is ready to "set to zero" the tax on interest on loans granted by Swiss banks and companies.

[Order No. 1624-r of the Government of the Russian Federation "On Signing the Protocol to Amend the Convention between the Russian Federation and the Swiss Confederation, dated 15 November 1995, on Avoiding Double Taxation in Respect of Tax on Income and on Capital", dated 21 September 2011]