Russia's Medvedev signs package of agreements to boost bilateral ties with Cyprus

Russian President Dmitry Medvedev signed 15 agreements boosting bilateral ties with Cyprus on Thursday, including a key accord abolishing double taxation that officials hope will be a boon to investment in both countries.

Medvedev said overall investment from Cyprus to Russia has exceeded $50 billion (euro37.5 billion) and that the double taxation agreement would further enhance economic cooperation.

Cyprus is a major conduit of investment into Russia with many Russian-owned offshore companies operating on the island, and the accord removes a long-standing thorn in bilateral relations, The Associated Press reports.

Cypriot Foreign Minister Markos Kyprianou cited Russian figures showing that overall investment from Cyprus to Russia until 2008 amounted to $57.6 billion (euro40.8 billion), while Russian investment to Cyprus reached $16 billion (euro11.5 billion).

During the Russian president's visit, 13 agreements will be signed aimed at boosting bilateral commerce, investment and tourism, including a key accord abolishing double taxation between the two countries.

Medvedev is scheduled to arrive in Cyprus at midnight Wednesday and depart late Thursday, BusinessWeek reports.