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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 December 14, 2004

The government of the Republic of Belarus and the Government of the Russian Federation which are hereinafter referred to as with the Parties agreed as follows:

Article 1

The government of the Russian Federation provides to the Government of the Republic of Belarus in 2004 public credit in the amount of 175 million US dollars for the purpose of ensuring deliveries to the Republic of Belarus the Russian natural gas and ensuring balance of calculations in mutual trade between the Russian Federation and the Republic of Belarus.

Article 2

The public credit 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 payment of interest payments and repayment of principal amount on earlier granted loans.

Article 3

Means of the public credit granted according to this agreement on condition of accomplishment of provisions of Article 2 of this agreement by the Belarusian Side are transferred by the Russian Side into the currency account (in US dollars) the Ministries of Finance of the Republic of Belarus in National Bank of the Republic of Belarus within ten working days from signature date of this agreement. 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 18 equal quarter shares on January 15, on April 15, on July 15 and on October 15 every year and the first payment will be made on July 15, 2006, and the last - on October 15, 2010.

Article 5

1. The Belarusian Side pays to the Russian Side for use of the credit percent on rate of LIBOR for three-months deposits in US dollars plus margin in the amount of annual interest rate 0,8.

The rate of LIBOR for three-months deposits in US dollars is understood as the rate on three-months 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 the Reuters agency.

2. Percent on the credit are charged from the date of use of the corresponding part of the credit and paid by the Belarusian Side in US dollars on January 15, on April 15, on July 15 and on October 15 every year, at the same time the last payment of percent 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 use of the credit which expired in 365-day year (base 365/365).

Article 6

1. If any payment in repayment of principal debt and/or 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 three-months deposits in US dollars plus margin in the amount of 2 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 will exceed 180 days, the Russian Side has the right to announce all debt which remained outstanding urgent to repayment, and on this debt percent on the rate specified in Item 1 of this Article begin to 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 partial payment of due for settlement debt by the Belarusian Side the funds arriving for benefit of the Russian Side are allocated in the following priority:

on interest payment on overdue debt;

on interest payment, added under this agreement;

on repayment of overdue debt on principal debt;

on repayment of principal debt.

Article 8

For the purpose of accounting of transactions on repayment and servicing of the loan granted according to this agreement, the Belarusian Side authorizes National Bank of the Republic of Belarus, and the Russian Side authorizes Vnesheconombank to sign the agreement on accounting treatment and calculations under this agreement.

Article 9

In case of any disagreements between the Parties on the questions connected with interpretation or accomplishment of this agreement, the Parties without delay hold mutual consultations and negotiations and make efforts for achievement of mutual settlement.

Article 10

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

It is made in Moscow on December 14, 2004 in duplicate in Russian.

 

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