The Russian Ministry of Finance recently published Letter No. 03-03-06/2/15657, which clarifies the deductibility of fines, penalties and other sanctions resulting from a failure to meet contractual or debt obligations. According to the letter, Russia's Tax Code provides for the deduction of such payments as required by a court decision for noncompliance, including any payment for compensation for damages caused by the noncompliance. For this purpose, such payments are to be recognized as non…