On 8 June 2023, Oman and Russia signed a DTAA, which remarks a major step in boosting the commercial and trade ties between the two nations. Signing the DTAA by both countries is the first step of the initiation of the DTAA.
The signed DTAA is yet to be published in the official Gazette, and once it is issued, greater clarity will be obtained on the terms and provisions of the DTAA as well as on how it may boost relationships, economies and businesses for residents in either Oman or Russia.
If the additional procedural requirements are completed by 31 December 2023, the DTAA would become effective from 1 January 2024 or otherwise it is expected to be effective from 1 January 2025 (if the procedural requirements are completed within 2024).