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PRESIDENTIAL DECREE OF THE RUSSIAN FEDERATION

of July 5, 2022 No. 430

About repatriation by residents - participants of foreign economic activity of foreign currency and currency of the Russian Federation

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. Determine that:

a) requirements of article 19 of the Federal Law of December 10, 2003 No. 173-FZ "About currency control and currency exchange control" about repatriation by residents - participants of foreign economic activity of foreign currency and currency of the Russian Federation, the agreements in foreign trade (contracts) signed with nonresidents which are due in accordance with the terms and providing transfer to nonresidents of goods, accomplishment for them of works, rendering services to them, transfer to them of information and results of intellectual activities, including exclusive rights on them are performed in No. 79 determined according to Item 2 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" the size, but there is at least amount of the foreign currency which is subject to obligatory sale;

b) provisions of the subitem "b" of Item 3 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" are applied No. 79 if transfer of foreign currency and implementation of money transfers are connected with transfer by residents of the money received in the form of share dividends of the Russian joint stock companies or in case of profit distribution of the Russian limited liability companies, economic partnerships and production cooperatives.

2. Provide to Russian Government Commission on Foreign Investments power to introduce restrictions for transfer by residents of foreign currency for the accounts (deposits) opened in the banks and other organizations of the financial market located outside the territory of the Russian Federation and also for implementation of money transfers without opening of the bank account with use of the electronic instruments of payment provided by foreign payment service providers.

3. Determine that obligations to owners of the foreign bonds issued by the foreign organizations (further - eurobonds), and persons performing the rights on eurobonds (further - holders of eurobonds), are recognized performed properly if:

a) the Russian legal entities having the obligations connected with eurobonds for benefit of holders of eurobonds place bonds which payment in case of their placement is performed by eurobonds (including in case of transfer (concession) of all property and other rights on eurobonds to the Russian legal entities). At the same time the income size on bonds, the payment due date of such income, repayment period of bonds and their nominal value shall be similar to the corresponding criteria of eurobonds;

b) the Russian legal entities acquire eurobonds at the expense of the money received in case of placement of bonds.

4. The Russian legal entities having the obligations connected with eurobonds shall provide obligation fulfillment before holders of eurobonds which rights are considered by the Russian depositaries, way of transfer of money according to the procedure, determined by the Board of directors of the Central bank of the Russian Federation, or transfer of the placed bonds to such holders.

5. The Russian legal entities - debtors under agreements of syndicated loan (loan) or agreements signed in ensuring obligation fulfillment of the Russian legal entity - the borrower under the agreement of syndicated loan (loan) which party are the payment agents of creditors who are the foreign persons connected with foreign states which make concerning the Russian Federation of the Russian legal entities and physical persons unfriendly actions, or persons who are under control of the specified foreign persons shall fulfill obligations under these agreements to resident creditors by transfer of money by it in the payment currency established by the relevant agreement or upon the demand of the creditor in rubles or in the currency provided by the agreement between the creditor and the Russian legal entity - the debtor about procedure for execution of its obligations to the creditor, passing such payment agents, the money authorized on obtaining from the Russian legal entities - debtors according to these agreements.

6. For the purpose of execution according to provisions of this Decree of the obligations connected with eurobonds and syndicated loans (loans), permissions, stipulated in Item 11 Presidential decrees of the Russian Federation of March 5, 2022 No. 95 "About temporary procedure for obligation fulfillment before some foreign creditors" are issued in case of observance by the Russian legal entities of requirements of items 4 and 5 these Decrees or based on the decision of the Government of the Russian Federation.

7. Grant to the Central bank of the Russian Federation the right to make official explanations concerning application of this Decree.

8. This Decree becomes effective from the date of its official publication.

President of the Russian Federation

V. Putin

 

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info

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