He said that Malta and Luxembourg "generally agreed to the terms proposed by the Russian side."

"Now there is no longer a need to denounce the agreement on the avoidance of double taxation (DTT) with Malta," Sazanov was quoted as saying by TASS.

He added that "negotiations with Malta and Luxembourg will be promptly completed after the end of negotiations with Cyprus."

Sazanov also said that the Russian side, during negotiations with Cyprus on August 10-11, will again propose to revise the tax rates on interest and dividends to 15%.

Earlier, the Ministry of Finance of Russia announced the beginning of the procedure for denouncing the agreement on the avoidance of double taxation with Cyprus.

In March, Russian President Vladimir Putin said that all payments of income in the form of interest and dividends going abroad to offshore jurisdictions should be taxed with an adequate tax - at least 15%. The head of state instructed to adjust the agreements with some countries.