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PRESIDENTIAL DECREE OF THE RUSSIAN FEDERATION

of August 9, 2023 No. 603

About temporary procedure for execution of the state guarantees of the Russian Federation provided in foreign currency

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" and of March 1, 2022 No. 81 "About additional temporary measures of economic nature for ensuring financial stability of the Russian Federation" I decide:

1. Determine that obligation fulfillment of the Russian Federation (guarantor) on the state guarantees of the Russian Federation which are provided in foreign currency (which amounts are expressed in foreign currency and obligation fulfillment of the Russian Federation (guarantor) on which it is performed in foreign currency), before the beneficiaries which are the Russian and foreign legal entities and physical persons, international financial institutions is performed taking into account the features provided by this Decree.

2. Obligation fulfillment of the Russian Federation (guarantor) on the state guarantee of the Russian Federation provided in foreign currency (further - the state guarantee), is performed in currency of the Russian Federation in the presence of declaration of will of the beneficiary on execution of the state guarantee (satisfaction of the requirement of the beneficiary about execution of the state guarantee (further - the requirement of the beneficiary) in currency of the Russian Federation.

3. The amount of the unexecuted (overdue) monetary commitments of principal before the beneficiary provided with the state guarantee required to payment is specified in the requirement of the beneficiary in currency of the Russian Federation proceeding from the presentation to the Russian Federation (guarantor) of the requirement of the beneficiary of the official rate of foreign currency established by the Central bank of the Russian Federation for date in which the amount of the state guarantee, to currency of the Russian Federation is expressed. Instruction in the requirement of the beneficiary of the amount required to payment in currency of the Russian Federation is recognized proper declaration of will of the beneficiary on execution of the state guarantee (satisfaction of the requirement of the beneficiary) currency of the Russian Federation.

4. Obligation fulfillment of the Russian Federation (guarantor) on the state guarantee is performed by money transfer on the bank account of the beneficiary specified in the requirement of the beneficiary opened in currency of the Russian Federation or in the presence of declaration of will of the beneficiary who is the Russian or foreign legal entity or international financial institution on the bank account of the third party opened in currency of the Russian Federation. Instruction in the requirement of the beneficiary who is the Russian or foreign legal entity or international financial institution of the name of the third party for benefit of which it is necessary to make payment in obligation fulfillment of the Russian Federation (guarantor) on the state guarantee and details of its bank account is recognized proper declaration of will of such beneficiary (on condition of adoption of the relevant decision by authorized body of the beneficiary) on transfer of the cash amount specified in the requirement of the beneficiary currency of the Russian Federation on the bank account of this third party on account of execution before the beneficiary of obligations of the Russian Federation (guarantor) on the state guarantee in the corresponding amount. At the same time only the Russian legal entity can act as the third party.

5. In case of lack of declaration of will of the beneficiary on execution of the state guarantee (satisfaction of the requirement of the beneficiary) in currency of the Russian Federation and impossibility of performance of obligations of the Russian Federation (guarantor) on the state guarantee (money transfers in satisfaction of the requirement of the beneficiary) in foreign currency in which the amount of the state guarantee is expressed obligation fulfillment of the Russian Federation (guarantor) on the state guarantee is performed in currency of the Russian Federation by money transfer on the bank account opened in currency of the Russian Federation addressed to the beneficiary in the organization which is carrying out according to the Federal Law on the federal budget for the corresponding financial year and for planning period of function of the agent of the Government of the Russian Federation concerning provision of the state guarantees of the Russian Federation, maintenance administrations and execution of the provided state guarantees of the Russian Federation. Opening of the specified account is performed based on the application submitted on behalf of the Russian Federation by the Ministry of Finance of the Russian Federation without carrying out identification of the beneficiary or his representative and without their personal presence.

6. In case, stipulated in Item 5 these Decrees, the amount of the unexecuted (overdue) monetary commitments of principal before the beneficiary provided with the state guarantee required to payment, specified in the requirement of the beneficiary in foreign currency it is recalculated proceeding from the presentation to the Russian Federation (guarantor) of the requirement of the beneficiary of the official rate of foreign currency established by the Central bank of the Russian Federation for date in which the amount of the state guarantee, to currency of the Russian Federation is expressed.

7. Execution according to this Decree of obligations of the Russian Federation (guarantor) on the state guarantee (satisfaction of the requirement of the beneficiary recognized in accordance with the established procedure to reasonable and corresponding conditions of the state guarantee taking into account provisions of Items 2 - 6 these Decrees) is recognized proper execution of such obligations of the Russian Federation (guarantor).

8. Grant the right to make official explanations:

a) To Central Bank of the Russian Federation - concerning application of this Decree in the part concerning opening of the bank account, stipulated in Item 5 these Decrees;

b) To the Ministry of Finance of the Russian Federation - on other questions of application of this Decree.

9. This Decree becomes effective from the date of its official publication and extends to the legal relationship which arose from the state guarantees provided about day of entry into force of this Decree.

President of the Russian Federation

V. Putin

 

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