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Executive order on temporary procedure for meeting state debt obligations to residents and foreign lenders by Russian Federation

June 22, 2022

The President signed the Executive Order On the Temporary Procedure for Meeting State Debt Obligations in the Form of Government Securities with Nominal Value Denominated in Foreign Currency to Residents and Foreign Lenders by the Russian Federation.

The Executive Order complements the measures set out in Presidential Executive Order No. 95 of March 5, 2022, On the Temporary Procedure for Meeting Obligations to Certain Foreign Lenders.

The Executive Order lays out the details of working with foreign depositories and maintaining special accounts, as well as the specifics of adjusting the amounts of funds credited to these accounts and paying coupons on Eurobonds. The Executive Order defines the functions of the Russian central depository, which shall make payments to holders of Eurobonds issued by the Russian Federation, whose title to the Eurobonds is put on record in a manner prescribed by the legislation of the Russian Federation within the timeframe established by the related prospectus.

Payments to holders of Eurobonds issued by the Russian Federation shall be made through authorised Russian lending institutions, the list of which is approved by the Government of the Russian Federation.

Obligations under the Eurobonds issued by the Russian Federation shall be recognised as properly met if executed in rubles in the amount that is equivalent to the value of the obligations in a foreign currency and converted at the foreign exchange rate available on the domestic foreign exchange market of the Russian Federation on the day the Russian Federation made the payment to the central depository.

The Government of the Russian Federation, the Finance Ministry of the Russian Federation and the Central Bank of the Russian Federation have been instructed accordingly.

June 22, 2022