The Russia Ministry of Finance issued Guidance Letter No. 03-07-08/56855 on 16 August 2023, which clarifies the applicable currency exchange rate when Russian tax (withholding) agents are required to withhold VAT on payments to non-residents. In general, Russian tax agents are required to withhold VAT on payments for the purchase of goods, works, and services considered supplied in Russia by non-resident individuals or companies that are not registered with the tax authorities in Russia or ar…