The Ministry of Finance has prepared a draft law on the replacement of sovereign Eurobonds of the Russian Federation
[ad_1]
The Russian Ministry of Finance has prepared a draft amendment to the Budget Code, which will make it possible to replace Russia’s sovereign Eurobonds with new issues with similar conditions. This was reported press office departments.
If the amendments are adopted, the Russian government will receive the authority to replace the circulating government securities of the Russian Federation denominated in foreign currency with new issues under similar conditions.
The government will make an additional decision to replace a particular issue if the transfer of replacement securities to the issuer is not possible due to restrictions of financial institutions or other countries.
“Such changes are aimed at creating favorable conditions for ensuring the fulfillment by the issuer of obligations under Eurobonds of the Russian Federation and for ensuring the observance of the rights of holders of these debt instruments,” the statement said.
May 22 Russian President Vladimir Putin signed decree on the temporary procedure for payments on bonds of external bonded loans of the Russian Federation. According to the document, Eurobonds are considered executed if the payment is made in rubles for an amount equivalent to the value of obligations in foreign currency. The Ministry of Finance stated that the authorities resorted to such a measure due to the refusal of foreign counterparties to fulfill their obligations to make payments to service the Russian state debt.
22 May Vladimir Putin signed Decree on the mandatory placement of replacement bonds until January 1, 2024 to fulfill obligations to Eurobond holders. June 26 Ministry of Finance informed on changing the procedure for confirming rights to payments on Eurobonds of the Russian Federation. The agency clarified that the new procedure expands the list of documents confirming the rights of Eurobond holders.
About the situation on the market – in the material “Kommersant” “Just a substitute solution”.
[ad_2]
Source link
