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Executive Order on temporary procedure for meeting government debt obligations of the Russian Federation to residents and foreign creditors

September 9, 2023

Vladimir Putin signed Executive Order On Temporary Procedure for Meeting Government Debt Obligations of the Russian Federation in the Form of Government Securities with Nominal Value Denominated in Foreign Currency and Other Obligations under Foreign Securities to Residents and Foreign Creditors.

The Executive Order deals with obligations to residents and foreign creditors. It refers to securities accounted for by foreign depositories. According to the Executive Order, the Russian Federation has the right to apply to the Russian central depository to open an I-type ruble account in the name of a foreign depository (without its representative being personally present). The beneficiaries of the account will be the owners of Eurobonds, as well as other persons identified by the Ministry of Finance in coordination with the Central Bank. The mechanism for indexing funds in I-type accounts and the procedure for their transfer to holders is also envisaged. The Executive Order dated June 22, 2022, which previously set forth the procedure for meeting obligations under such securities, now ceases to be in effect.

September 9, 2023