investors ask to limit government loans to Belarus due to non-payments on bonds – Kommersant
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A group of private investors – 200 individuals and 30 organizations – in a letter addressed to the Deputy Minister of Economic Development of Russia Dmitry Volvach asked to limit Belarus’ access to Russian government loans and the capital market of the Russian Federation due to non-payments on Eurobonds. The letter is available RBC.
It is reported that the author of the letter on behalf of investors is Alexander Marchenkov, who previously filed a lawsuit against the Ministry of Finance of Belarus in the Moscow City Court demanding the repayment of Eurobonds. Moscow City Court stopped consideration of the claim, because this case does not fall within the competence of Russian courts. The appeal states that a group of investors own Belarusian Eurobonds totaling more than $200 million. In the letter, Mr. Volvach is asked to take measures to ensure that Belarus fulfills its obligations to Russian investors as quickly as possible.
In the appeal, investors ask to recognize the Belarusian Ministry of Finance as an unscrupulous borrower and to limit the ministry’s access to the Russian capital market. Investors are asking to limit the issuance of state loans to Belarus until Minsk fulfills all obligations.
According to RBC, Mr. Marchenko sent the same appeals to the ministries of finance of Russia and Belarus, as well as the Bank of Russia. The publication’s source from a group of investors said that they want to file a claim against the Ministry of Finance of Belarus in the London International Arbitration (LCIA).
Investors have not received payments on Belarusian Eurobonds since July 2022, after Citibank stopped servicing Belarusian Eurobonds. The Belarusian Ministry of Finance announced that it will transfer payments directly, through its infrastructure, in national currency. The agency has already sent the equivalent of $1.15 billion to Eurobond holders. Russian investors did not receive these funds, as the money was stuck in accounts in the Belarusian financial infrastructure.
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