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Agreement on measures for ensuring improvement of calculations between the economic organizations of member countries of the Commonwealth of Independent States

of May 15, 1992

Heads of states of member countries of the Commonwealth of Independent States for the purpose of improvement of calculations between the economic organizations and reducings reciprocal debt for goods and services agreed as follows:

Article 1

Recognize intolerant the situation with calculations for goods and services, with the budget and for other obligations. Oblige the governments to take immediate measures to normalization of financial condition and to enact the mechanism of sanitation and bankruptcy of insolvent enterprises and organizations.

Article 2

Charge to heads of governments and National (central) Banks:

settle requirements of business entities of the State Parties of the CIS, including mutual offsetting of interstate obligations, having coordinated it to streamlining of the payment and settlement relations, development of paying balances, perspective of introduction of national currencies;

determine the procedure of payments through telecommunications agencies of countries of the Commonwealth of Independent States providing money for timely settlings with rewater receivers;

provide implementation of the mechanism of calculations between the companies using bills of exchange, and also use cable and other forms of acceleration of payment of accounts;

sign the Agreement on the mechanism of further functioning of cash system based on the single legal payment sredstverubl, and of the corresponding methods of carrying out the approved monetary policy in ruble zone taking into account perspective of introduction of national monetary units by the certain gosudarstvamibyvshy Republics of USSR.

Charge to National (central) Banks no later than May 20 of this year to determine terms of settlement of the mutual payment and settlement relations, but not later than the first half of June of the current year.

Article 3

For the purpose of increase in responsibility of business entities for timely carrying out calculations to establish penalty fee for untimely payment of the delivered goods and the rendered services in the amount of at least 0,2 of percent for each day of payment delay.

Article 4

For the purpose of suppression of making of transactions according to fraudulent (false) documents (advice) to the Central (national) Banks of the states entering ruble zone, transfer of funds for correspondent accounts of commercial banks to make only according to the advice certified by official stamp of organization of the Central (national) bank.

Article 5

For the purpose of permission of interstate economic disputes which cannot be referred to competence of the supreme economic (arbitral) courts of the states of the Commonwealth, create Economic Court of the Commonwealth.

To the supreme economic and Arbitration Courts of the State Parties of the Commonwealth of Independent States to bring on the regular meeting of Council of heads of the State Parties of the Commonwealth of Independent States of the offer on staff of Economic Court of the Commonwealth and the project of the Regulations on this Court.

It is made in the city of Tashkent on May 15, 1992 in one authentic copy in Russian. The authentic copy is stored in Archive of the Government of the Republic of Belarus which will send to the states which signed this agreement, its verified copy.

This Agreement becomes effective from the moment of its signing.

 

For the Azerbaijan Republic (except the Art. 5)

For the Russian Federation

For the Republic of Armenia

For the Republic of Tajikistan

For the Republic of Belarus 

For Turkmenistan 

For the Republic of Kazakhstan

For the Republic of Uzbekistan

For the Republic Kyrgyzstan

For Ukraine (With notes)

For the Republic of Moldova (Except for paragraph 5 of Article 2 and Art. 5)

 

 

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