The Russian Ministry of Finance has published Letter No. 03-12-11/2/67789 of 3 August 2020, which clarifies the currency conversion requirements for carried forward losses of controlled foreign companies (CFCs) under the CFC rules as amended up to 1 January 2018. In general, the rules provide that losses of a CFC determined according to its financial statements for a financial year may be carried forward indefinitely for offset in future years without restriction. Further, where the financial…