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Agreement between the Government of the Republic of Belarus and Government of the Russian Federation on provision to the Republic of Belarus of public credit

of November 13, 2008

The government of the Republic of Belarus and the Government of the Russian Federation which further are referred to as with the Parties for the purpose of further strengthening of friendship between two states, agreed as follows:

Article 1

The Russian side will provide to the Belarusian Side in 2008 the public financial loan in the amount of 1000 million US dollars (further - the credit).

Article 2

The loan is granted by the Russian Side according to the procedure, established by the legislation of the Russian Federation, on condition of accomplishment of obligations by the Belarusian Side on interest payment and repayment of principal debt on the public credits which are earlier granted by the Russian Side.

Article 3

Means of the loan granted according to this agreement on condition of accomplishment of provisions of Article 2 of this agreement by the Belarusian Side are listed by the Russian Side till December 31, 2008 into the currency account (in US dollars) the Ministries of Finance of the Republic of Belarus in National Bank of the Republic of Belarus. Date of use of the credit date of transfer of borrowing facilities on correspondent account of National Bank of the Republic of Belarus is considered.

Article 4

The Belarusian Side repays the used credit granted according to this agreement, way of money transfer in US dollars 40 equal quarterly shares on March 15, on June 15, on September 15 and on December 15 every year and the first payment will be made on March 15, 2014, and the last - on December 15, 2023.

Article 5

1. The Belarusian Side pays to the Russian Side for use of the credit percent on rate of LIBOR for 3-month deposits in US dollars plus margin in the amount of 3 (three) annual interest rates.

The rate of LIBOR for 3-month deposits in US dollars is understood as the rate for 3-month deposits in US dollars in the London interbank market as of the first day of the corresponding period of charge of percent published on the LIBOR 01 page by Reuters news agency.

2. Percent on the credit are charged from the date of its use and paid by the Belarusian Side in US dollars on March 15, on June 15, on September 15 and on December 15 every year, at the same time the last interest payment is made along with the last payment in repayment of principal debt.

3. Percent on the credit are charged for the actual number of the days of its use which expired in 365-day year (base 365/365).

Article 6

1. If any of payments in repayment of principal debt and (or) in interest payment, specified in Articles 4 and 5 of this agreement, is not made in the corresponding payment date established by these Articles, this debt appears overdue and on it percent on rate of LIBOR for 3-month deposits in US dollars plus margin in the amount of 5 (five) annual interest rates are charged from the moment of emergence of overdue debt before date of complete repayment of this debt inclusive.

2. If the delay of payments according to any obligations of the Belarusian Side on the public credits granted by the Russian Side will exceed 180 days, the Russian Side has the right to announce all debt remaining outstanding under this agreement urgent to repayment, and on this debt percent on the rate specified in Item 1 of this Article before date of complete repayment of this debt inclusive will be charged.

Article 7

1. All amounts which are subject to payment by the Belarusian Side according to this agreement shall not be encumbered with any taxes and shall be paid without any restrictions, deductions, withdrawals or compensation deduction.

2. In case of implementation by the Belarusian Side only the parts of payments on due for settlement debt arriving for benefit of the Russian Side of the amount are used in the following priority:

on interest payment, added on overdue debt;

on interest payment, added under this agreement;

on repayment of overdue debt;

on repayment of principal debt.

Article 8

1. The National Bank of the Republic of Belarus and the "Development Bank and Foreign Economic Activity (Vnesheconombank)" state corporation are authorized agents according to the Belarusian Side and the Russian Side.

2. The accounting treatment and calculations is under this agreement established by the agreement between National Bank of the Republic of Belarus and the "Development Bank and Foreign Economic Activity (Vnesheconombank)" state corporation.

Article 9

Disputes and disagreements between the Parties concerning application and interpretation of this agreement are solved by carrying out consultations and negotiations between the Parties.

Article 10

This agreement becomes effective from signature date and is effective until all obligations following from its provisions are not executed.

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