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AGREEMENT BETWEEN THE GOVERNMENT OF THE REPUBLIC OF BELARUS AND GOVERNMENT OF THE RUSSIAN FEDERATION

of July 24, 2015

About provision to the Government of the Republic of Belarus of the public financial loan

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 provides to the Belarusian Side in 2015 the public financial loan in the amount of 760 (seven hundred sixty) million US dollars (further – the credit). Means of the credit are provided in Russian rubles at the Central Bank rate of the Russian Federation for signature date of this agreement on the purpose of repayment and servicing in 2015 of public debt of the Republic of Belarus in front of the Russian Federation and Eurasian fund of stabilization and development (the former name – Anti-recessionary fund of Eurasian economic community). Account of debt on the credit is kept in US dollars.

Article 2

The loan is granted on condition of accomplishment of obligations by the Belarusian Side on interest payment and repayment of principal debt on the public credits, and also the credits obtained by the Belarusian Side from Eurasian fund of stabilization and development which are earlier granted by the Russian Side.

Article 3

Means of the credit are transfered by the Russian Side to account of the Ministry of Finance of the Republic of Belarus in National Bank of the Republic of Belarus no later than 15 calendar days from the date of the introduction of this agreement in force, but not earlier than signature date of the agreement on accounting treatment and calculations signed according to Item 1 of Article 8 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 used credit 13 equal semi-annual shares on February 15 and on August 15 every year, and the first payment will be made on February 15, 2019, and the last – on February 15, 2025.

Article 5

1. The Belarusian Side pays to the Russian Side for use of the credit percent on LIBOR rate for 6-month deposits in US dollars increased by margin in the amount of percent 2,80.

LIBOR rate for 6-month deposits in US dollars is understood as the rate for 6-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 use of the credit and paid by the Belarusian Side on February 15 and on August 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 proceeding from the actual number of the days which expired in 360-day year (base 365/360).

Article 6

1. If any of the payments 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 150 percent of loan interest rate, stipulated in Item 1 Article 5 of this agreement, from the date of emergence of overdue debt before date of complete repayment of this debt inclusive are charged.

2. If overdue debt according to any obligations of the Belarusian Side on the public credits granted by the Russian Side is not repaid after 180 days from the date of its origin, 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 from the date of such announcement before date of complete repayment of this debt will be charged.

Article 7

1. All payments on the credit which are due from the Belarusian Side according to this agreement are performed for benefit of the Russian Side in US dollars or in Russian rubles at the Central Bank rate of the Russian Federation established in 3 calendar days prior to date of each payment. The National Bank of the Republic of Belarus informs the "Development Bank and Foreign Economic Activity (Vnesheconombank)" state corporation in 15 calendar days prior to date of the corresponding payment on payment currency. All payments on the credit which are due from the Belarusian Side according to this agreement are performed according to payment instructions of the "Development Bank and Foreign Economic Activity (Vnesheconombank)" state corporation. Completion date the Belarusian Side of payment obligations under this agreement is date of transfer of funds for benefit of the Russian Side into the account specified by the "Development Bank and Foreign Economic Activity (Vnesheconombank)" state corporation, at the same time debt repayment and interest payment on the credit are performed for date not earlier than the corresponding payment date established by Articles 4 and 5 of this agreement.

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

on interest payment, added on overdue debt;

on repayment of overdue debt;

on interest payment on the credit;

on repayment of principal debt.

Article 8

1. For the purposes of implementation of accounting and calculations under this agreement the National Bank of the Republic of Belarus authorized by the Belarusian Side and the "Development Bank and Foreign Economic Activity (Vnesheconombank)" state corporation authorized by the Russian Side (further – agents of the Parties), within 30 calendar days from signature date of this agreement will sign the agreement on accounting treatment and calculations under this agreement.

2. Agents of the Parties will take all measures depending on them for complete and timely implementation of accounting and calculations under this agreement.

Article 9

The authorized bodies of the Parties responsible for implementation of this agreement, are:

from the Belarusian Side – the Ministry of Finance of the Republic of Belarus;

from the Russian Side – the Ministry of Finance of the Russian Federation.

Article 10

The Belarusian Side has the right to return ahead of schedule any credit amount on its nominal value and without additional expenses on condition of obtaining by the Russian Side from the Belarusian Side of the adequate notice no later than 30 calendar days before date of implementation of such early repayment.

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