Russia removes Cyprus from 'black list' of countries to avoid investing in

Russia has removed Cyprus from a so-called black list of countries which Moscow discourages investment in.

The Cypriot finance ministry says the decision will help the country attract investment from Russia and burnish its reputation as an international business center.

Cyprus has recently come under criticism, especially in Germany, as a money laundering hub for Russian oligarchs as it seeks to finalize a rescue package for its troubled banks with the other 16 countries that use the euro and the International Monetary Fund. Cypriot officials have strongly rejected the allegations.

Cyprus also said Wednesday that a beef-up version of its treaty with Russia against double taxation of expatriate citizens and companies is now fully in force.