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Executive Order on provisional procedures for the fulfillment of foreign-currency bank account contracts and bonded obligations issued by foreign organisations

August 8, 2022

The President of Russia signed an executive order On Provisional Procedures for the Fulfillment of Contracts of Foreign-Currency Bank Accounts (Deposits), and Bonded Obligations Issued by Foreign Organisations.

This document was signed in addition to earlier executive orders On Imposing Special Economic Measures in Connection with the Hostile Actions of the United States in League with Other Foreign States and International Organisations, On Additional Temporary Economic Measures to Ensure the Financial Stability of the Russian Federation, and On a Temporary Procedure for Meeting Obligations to Certain Foreign Creditors.

This executive order establishes, among other things, the rights of Russian credit institutions that arise in the event of restrictive measures imposed on them by foreign states or international organisations, which make it impossible, practically, for these credit institutions to collect receivables under bank account (deposit) contracts in foreign currency concluded with foreign credit institutions.

For the purposes of fulfilling the obligations owed to owners and holders of Eurobonds, a Russian legal entity – the obligator has a right to apply to a Russian credit institution to open a D-type account in rubles. This may be carried out through permits issued by the Central Bank of the Russian Federation or the Government Commission on Monitoring Foreign Investment in the Russian Federation.

August 8, 2022