Luxembourg Strengthens Economic Ties With Russia, Finland

by Ulrika Lomas, Tax-News.com, Brussels

01 November 2011

Luxembourg’s Deputy Prime Minister and Foreign Affairs Minister Jean Asselborn recently carried out official visits to Russia and to Finland to strengthen economic ties in both countries.

In Moscow, Asselborn met with his Russian counterpart Sergei Lavrov, with the talks focusing on the excellent bilateral relations between the two countries, on relations between the European Union (EU) and Russia, as well as on other key international and European issues.

It was said that Luxembourg is among the ten largest investors in Russia, with total investments from Luxembourg amounting to around USD19.7bn last year. The government also underscored the considerable success experienced by many different Luxembourg companies currently active in Russia.

During the course of the discussions, Foreign Affairs Minister Asselborn alluded to the conclusion of negotiations on a bilateral double taxation agreement (DTA) between the two countries, due to be signed by Luxembourg’s Finance Minister Luc Frieden in Moscow shortly.

Asselborn also proposed the idea of revising the existing agreement in place between the Grand Duchy and the Russian Federation pertaining to air transport.

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