THE CONVENTION BETWEEN THE GOVERNMENT OF THE RUSSIAN FEDERATION AND THE GOVERNMENT OF THE KINGDOM OF SAUDI ARABIA

of February 11, 2007

About avoidance of double taxation and prevention of evasion from the taxation concerning taxes on the income and the capital

Government of the Russian Federation and Government of the Kingdom of Saudi Arabia,

wishing to sign the Convention for the purpose of avoidance of double taxation and prevention of evasion from the taxation concerning taxes on the income and the capital,

agreed as follows:

Article 1 of Person to which the Convention is applied

This Convention is applied to persons who are residents of one or both Contracting States.

Article 2 Taxes to which the Convention extends

1. This Convention is applied to the taxes on the income and the capital established on behalf of each of Contracting States, their political or administrative divisions or regional authorities irrespective of method of their collection.

2. All taxes levied from total of income and the capital or from separate elements of the income or the capital including taxes on the income from alienation of personal or real estate, taxes on the total amount of the salary paid by the companies and also taxes on the income from capital gain are considered as taxes on the income and the capital.

3. This Convention extends to the following existing taxes:

a) in relation to Saudi Arabia:

i) Decline;

ii) the income tax, including the investment tax in natural gas

(further the referred to as "Saudi tax");

b) in relation to the Russian Federation:

i) income tax of the organizations;

ii) the income tax from physical persons;

iii) property tax of the organizations;

iv) property tax of physical persons

(further referred to as "the Russian tax").

4. Provisions of this Convention are applied also to any identical or in essence to similar taxes which are levied after signature date of this Convention in amendment or instead of the existing taxes. Competent authorities of both Contracting States will inform each other on the considerable changes made to their relevant tax laws.

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