The Ministry of Finance in the Letter of 1 February 2011 (N 03-04-05/0-48) clarified the
application of the new rule that income from the alienation of shares in Russian companies,
owned for more than 5 years at the moment of alienation, is exempt subject to certain
conditions.
According to the Ministry, the capital gains from alienation of shares in Russian companies are
exempt only if the shares were acquired by the alienator.