. Last Updated: 07/27/2016

Joint Tax Treaty Signed

German Finance Minister Theo Waigel on Thursday welcomed a new treaty on double taxation as a "further important step" forward in intensifying economic and trade relations between Germany and Russia.

Signed Wednesday night, the treaty ensures that companies working in both countries pay taxes only once. It replaces a similar treaty signed under the former Soviet government.

Germany is a major economic partner for Russia and one of the most important providers of aid to the country's economic reforms. On Wednesday, Waigel met with President Boris Yeltsin, who asked him to convey "warm greetings" to Chancellor Helmut Kohl. Calling Kohl his friend, Yeltsin expressed gratitude for Germany's help in promoting Russian reforms.