Putin: Russia to pay on Eurobonds in rubles

Russia's obligations under Eurobonds will be considered properly fulfilled if the payments are made in rubles, follows from the decree of Russian President Vladimir Putin published on Wednesday on the official portal of legal information.

The document, in particular, establishes the specifics of working with foreign depositories, maintaining special accounts, indexing funds credited to them and paying coupons on bonds.

"Obligations under Eurobonds of the Russian Federation are recognized as duly fulfilled if they are fulfilled in rubles in an amount equivalent to the value of obligations in foreign currency and calculated at the foreign exchange rate formed in the domestic foreign exchange market of the Russian Federation on the day when the Russian Federation made a payment to the central depository ", the decree says.

The head of state instructed the Cabinet of Ministers and the Ministry of Finance to identify banks for payments on Eurobonds under the new scheme within 10 days and settle the technical side of the issue.

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Author`s name: Petr Ernilin