The Russian President signs a decree on a temporary measure meant to meet debt obligations under Eurobonds to locals and international creditors.
Russian President Vladimir Putin signed a decree on a temporary measure meant to meet debt obligations under Eurobonds to locals and foreign creditors on Saturday.
The decree detailed that Russia “has the right to send to a non-bank credit institution” an application to open a special type “I” account in the name of a foreign depository in rubles so as to fulfill obligations “under the sovereign bonds of the Russian Federation denominated in foreign currency” to residents and foreign creditors “whose rights to Russian Federation Eurobonds are registered by non-resident foreign organizations entitled, in accordance with their law, to record and transfer rights to securities.”
The new directive also nullifies the one issued on June 22, 2022, which outlined the mechanism for meeting such commitments.
Last June, Russia fulfilled its Eurobonds obligations using a new mechanism that transfers payments in Rubles.
Source: Almayadeen
