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Amendments to Executive Order on repatriation by residents participating in foreign economic activity of foreign and Russian currency

May 22, 2023

Vladimir Putin signed Executive Order On Amendments to Executive Order of the President of the Russian Federation No. 430 of July 5, 2022, On Repatriation by Residents Participating in Foreign Economic Activity of Foreign Currency and the Currency of the Russian Federation.

The Executive Order makes it mandatory for Russian legal entities that carry Eurobond-related obligations to ensure the fulfilment of obligations to Eurobond holders, whose rights are recorded by Russian depositories by way of placing, before January 1, 2024, replacement domestic bonds that are paid for at the time of their placement in Eurobonds or in cash with these funds targeted specifically to purchase Eurobonds.

The Executive Order specifies the terms and volume of the bond issue and the fund-transferring procedure.

May 22, 2023