Washington, D.C. — U.S. Senators Catherine Cortez Masto (D-Nev.) and John Cornyn (R-Texas) applauded the U.S. Department of the Treasury’s announcement to suspend double-taxation provisions of the United States’ tax treaty with Russia, effective August 16, 2024. This follows the senators’ bipartisan efforts pushing the Biden administration to stop providing preferential tax treatment to Russian investors and businesses in response to Russia’s illegal war in Ukraine and Vladimir Putin’s decision to suspend many of the treaty’s provisions for Americans investing in Russia. The U.S.-Russia tax treaty was enacted in 1994 to promote closer economic ties between Russia and the U.S. after the collapse of the Soviet Union.
“Suspending these treaty provisions is a critical step in ensuring Russia continues to face severe consequences for its illegal invasion of Ukraine and its hostile actions toward the United States, and I will continue working across the aisle to hold Russia accountable,” said Senator Cortez Masto.
“There is zero reason for the U.S. to give any preferential tax treatment to Putin’s authoritarian regime,” said Sen. Cornyn.“I’m glad the administration answered our call to suspend this outdated and counterproductive tax treaty with Russia, and this should be welcome news for any American who values democracy, peace, and freedom around the world.”
Senators Cortez Masto and Cornyn have consistently worked to hold Russia accountable for their illegal invasion of Ukraine, supporting bipartisan economic sanctions that were signed into law and pushing for additional resources so Ukraine can continue to stand up to Putin.
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