Cyprus will be removed from Russia's blacklist of offshore jurisdictions, known as the "Black list", starting in January 2013. This action will make Cyprus a more attractive location for investment between Russian and third-party entities. Dividends received by Russian companies from Cypriot subsidiaries will not be taxed in Russia if the recipient owns at least 50% of the Cypriot subsidiary for over a year. Transactions between Cypriot and Russian companies will also no longer face transfer pricing controls in Russia.