The Russian Ministry of Finance recently published Letter No. 03-03-06/1/63388, which clarifies the deductibility of interest expense in connection with a loan used to pay dividends. According to the letter, expenses incurred in connection with the generation of income are deductible, including interest payable on debt obligations of any kind undertaken as part of the taxpayer's income-generating activities. Furthermore, the payment of dividends, while not deductible, is to be classified as a…