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Executive Order on temporary procedure for meeting loan obligations to certain foreign creditors

March 5, 2022

Vladimir Putin signed the Executive Order On a Temporary Procedure for Meeting Obligations to Certain Foreign Creditors.

The Executive Order supplements the economic measures introduced by Executive Order No. 79 On Imposing Special Economic Measures in Connection with the Hostile Actions of the United States in League with Other Foreign States and International Organisations of February 28, 2022, and Executive Order No. 81 On Additional Temporary Economic Measures to Ensure Russia’s Financial Stability of March 1, 2022.

The Executive Order introduces a temporary procedure for meeting the obligations of the Russian Federation, Russian constituent entities, municipal entities and residents with respect to loans, borrowings and financial instruments issued by foreign creditors who are foreign entities associated with the countries involved in hostile actions towards the Russian Federation, Russian legal entities and individuals, or entities that are under control of such foreign entities, regardless of their place of incorporation (except for entities registered in the Russian Federation) or principal place of business.

The procedure established by this Executive Order extends to obligations exceeding 10 million rubles per calendar month or exceeding the equivalent of this amount in foreign currency at the official exchange rate of the Russian Central Bank on the first day of each month.

The Russian Government was instructed to identify foreign entities involved in hostile actions towards the Russian Federation, Russian legal entities, and individuals, within two days.

March 5, 2022