Russia Signs Decree to Fulfill Debt Obligations Under Eurobonds
Russian President Vladimir Putin signed a new decree on a temporary measure for the fulfillment of Russia’s debt obligations under Eurobonds to foreign residents and creditors.
Securities of Foreign Investors Included
Such measures include securities of foreign investors.
Opening Ruble Account for Foreign Depositors
According to the decree, Russia has the right to send to a non-bank credit organization an application for opening a ruble account of type “E” in the name of a foreign depositor (without the personal presence of a representative of the organization).
Beneficiaries of the Account
The beneficiaries of the account will be Eurobond holders, as well as some other persons.
Clarification on Assessing and Transferring Funds
The mechanism for assessing funds in “E” accounts and the procedure for transferring them to owners has also been clarified.
Previous Decree Invalidated
The new decree states that the decree of June 22, 2022, which previously determined the procedure for fulfilling obligations under these securities, has become invalid.