Agreement on the principles and mechanism of domestic debt service of the former USSR

of March 13, 1992

Governments of the State Parties of this agreement,

recognizing need of succession according to obligations of the former USSR to citizens,

proceeding from need of financial provision of actions for improvement of economy and to transition to the market,

carrying out the approved financial and credit and social policy,

AGREED AS FOLLOWS:

Article 1

For the purposes of this agreement compensation amounts on fees of citizens according to long-term agreements of insurance, and also other debt to the State Bank of the USSR, the Gosstrakh of the USSR and Savings Bank of the USSR on the means used for financing of expenses of the allied budget belong to the public internal debt debt of the government of the former USSR to the population on remaining balance of deposits in savings banks, on the issued and outstanding state loans of release of 1982 and 1990, including the added compensation, the income and percent on them.

Article 2

The parties assume obligations on repayment of public debt of the former USSR to the population in the amounts in proportion to remaining balance of the debt which is registered for January 1, 1991 on balances of Sberbank branches of the USSR in the territory of each of the Parties.

Distribution between the Parties of other part of debt to the State Bank of the USSR, the Gosstrakh of the USSR and on other components of internal debt is performed on the integrated indicator, proceeding from respective shares of each Party in the made national income and the used amount of centralized capital investments from the allied budget in the territory of each of the Parties on average for 1986-1991.

Article 3

All expenses on servicing of the public internal debt of the former USSR for the period, since January 1, 1992, are made by the Parties at the expense of their government budgets.

Article 4

Recognize reasonable to carry out conversion of bonds of the state internal premium bonds of release of 1982 and the state treasury obligations of the former USSR on the loan issued in 1990 by transfer of the corresponding amounts of deposits to banks, exchange for bonds of state loans and other forms of attraction of financial resources of the population of the State Parties of this agreement.

Of release of 1982 not to carry out circulations of prizes on the state internal premium bonds of the USSR from now on.

Article 5

Charge to the Ministries of Finance of the Parties to accept on the balances from the State Bank of the USSR the corresponding amounts of public debt of the former USSR before the population, having renewed on debt of these states according to the procedure, approved with the Central (national) Banks.

The procedure for separation and settlement is determined by the free standing agreement taking into account the provision following from Article 2 of this agreement by other part of the public internal debt of the former USSR.

Article 6

The agreement becomes effective from the moment of its signing.

It is made in the city of Moscow on March 13, 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.

* Clause of the Republic of Belarus:

"In part two of Art. 2 to consider debt on average for 1986-1990".

Offers of the Republic of Belarus to the Agreement on the principles and the mechanism of domestic debt service of the former USSR

Article 2 of the specified Agreement provides that the State Parties of the Commonwealth assume obligations on repayment of public debt of the former USSR to the population of the states in the amounts corresponding to remaining balance of the debt which is registered for January 1, 1991 on balances of Sberbank branches of the USSR in the territory of each of the State Parties of the Commonwealth.

The specified debt was formed in connection with withdrawal of means by allied bodies at Sberbank and it developed unevenly on federal republics.

Considering it, we consider that the Agreement on the Section of internal debt shall be signed along with the Agreement on the Section of assets and liabilities of the former National bank of the USSR.

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