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PRESIDENTIAL DECREE OF THE RUSSIAN FEDERATION

of March 18, 2022 No. 126

About additional temporary measures of economic nature for ensuring financial stability of the Russian Federation in the sphere of currency control

(as amended of the Presidential decree of the Russian Federation of 09.06.2022 No. 360)

In addition to the measures provided by presidential decrees of the Russian Federation of February 28, 2022 No. 79 "About application of special economic measures in connection with unfriendly actions of the United States of America and the foreign states and the international organizations which adjoined them" of March 1, 2022 No. 81 "About additional temporary measures of economic nature for ensuring financial stability of the Russian Federation" and of March 5, 2022 No. 95 "About temporary procedure for obligation fulfillment before some foreign creditors", I decide:

1. Provide to the Board of directors of the Central bank of the Russian Federation powers by determination of the size of transaction amount within which it can be performed:

a) advance payment or advance payment residents for benefit of the foreign legal entities and physical persons which are not residents under contracts which list of types is determined by the Board of directors of the Central bank of the Russian Federation;

b) money transfer with opened in the Russian credit institutions:

accounts of foreign legal entities - nonresidents whose place of registration are the foreign states making concerning the Russian Federation, the Russian legal entities and physical persons unfriendly actions (further - foreign persons of the states making unfriendly actions), into accounts of foreign legal entities - the nonresidents who are not foreign persons of the states making unfriendly actions;

accounts of foreign legal entities - the nonresidents who are not foreign persons of the states making unfriendly actions into the accounts opened in the foreign states making concerning the Russian Federation, the Russian legal entities and physical persons unfriendly actions (further - the foreign states making unfriendly actions);

c) the translation (without opening of accounts) money, including electronic money:

foreign persons of the states making unfriendly actions for benefit of foreign legal entities - the nonresidents who are not foreign persons of the states making unfriendly actions;

foreign legal entities - the nonresidents who are not foreign persons of the states making unfriendly actions in the banks and other organizations of the financial market located in the foreign states making unfriendly actions;

d) acquisition of foreign currency in the domestic foreign exchange market of the Russian Federation by legal entities - nonresidents.

2. Forbid till December 31, 2022 implementation without receipt of permissions of the Central bank of the Russian Federation of transactions:

a) on payment by the resident of share, contribution, share in property (the authorized or share capital, share fund of cooperative) of the legal entity - the nonresident;

b) on fee resident to the nonresident within agreement performance of particular partnership with investment in the form of capital investments (cooperation agreement).

3. Provisions of the subitem "an" of Item 1 of this Decree are not applied to implementation of the corresponding transactions by the Russian physical persons, Russian credit institutions, the state corporation of development "ВЭБ.РФ".

4. Confer to the Central bank of the Russian Federation the following powers:

a) ceased to be valid

b) issue permission to the resident - the participant of foreign economic activity according to whom he has the right not to perform obligatory sale of foreign currency according to the procedure stipulated in Item 2 Presidential decrees of the Russian Federation of February 28, 2022 No. 79 "About application of special economic measures in connection with unfriendly actions of the United States of America and the foreign states and the international organizations which adjoined them", in the amount of the amount of the foreign currency directed by such resident to satisfaction of requirements of the Russian credit institutions for the obligations provided by credit agreements (including loan repayment, interest payment and (or) penalties) and expressed in foreign currency which is determined at the time of transfer of foreign currency into the account of such resident;

c) issue the permissions necessary for implementation of transactions, the stipulated in Item 2 presents of the Decree;

d) make official explanations concerning application of this Decree.

5. Determine that till September 1, 2022 the agreement obligations of the bank account (contribution) expressed in foreign currency, concluded between credit institutions concerning which the foreign states making unfriendly actions enter rationing arrangements, and the clients of the specified organizations who are legal entities - residents (provided that obligations arose about day of introduction of such measures), are recognized performed properly if these obligations are fulfilled in rubles in the amount equivalent to the cost of obligations in foreign currency (irrespective of in what currency such cost is expressed) and calculated on the official rate of the Central bank of the Russian Federation established on the date of obligation fulfillment.

6. For the purpose of application of the Presidential decree of the Russian Federation of February 28, 2022 "About application of special economic measures in connection with unfriendly actions of the United States of America and the foreign states and the international organizations which adjoined them" to determine No. 79 that:

a) prohibitions, stipulated in Item 3 these Decrees, do not extend to money transfers in foreign currency for their transfer on opened in the banks located outside the territory of the Russian Federation, accounts (deposits) of diplomatic representations, consular establishments of the Russian Federation, permanent missions of the Russian Federation in case of international (interstate, intergovernmental) the organizations, other official representations of the Russian Federation and representations of federal executive bodies, representations and (or) branches of legal entities - the residents located outside the territory of the Russian Federation and also their employees;

b) requirements of Items 1 and 2 of this Decree are not applied to the organizations which are directly realizing projects on liquefied natural gas production in the Arctic zone of the Russian Federation to the foreign currency enlisted into accounts of the specified organizations in connection with implementation of such projects.

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