Russia: Proposal to exempt interest distributions from withholding tax for non-resident individuals holding government, sub-federal and municipal bonds adopted

22.07.2021

Clearstream Bankinginforms customers that effective

2 August 2021

interest distributions that are paid from Russian government, sub-federal and municipal bonds and distributed to non-residents that are individuals may be tax exempt, if certain conditions are met.

The change is following Federal Law 305-FZ, which was adopted 2 July 2021.

Impact on customers

Clearstream Banking is currently clarifying the operational guidelines with its agent in Russia and will notify customers as more information becomes available.

Further information

For further information, please contact the Clearstream Banking Tax Help Desk, Clearstream Banking Client Services or your Relationship Officer.

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1. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG (for Clearstream Banking AG customers using Creation Accounts), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.