PRESIDENTIAL DECREE OF THE RUSSIAN FEDERATION

of August 8, 2024 No. 677

About additional measures for execution before residents and foreign creditors of the state debt obligations of the Russian Federation expressed in government securities which nominal value is specified in foreign currency

In addition to the measures provided by presidential decrees of the Russian Federation of March 5, 2022 No. 95 "About temporary procedure for obligation fulfillment before some foreign creditors" and of September 9, 2023 No. 665 "About temporary procedure for execution before residents and foreign creditors of the state debt obligations of the Russian Federation expressed in government securities which nominal value is specified in foreign currency and other obligations on foreign securities" I decide:

1. Determine that substitution of government securities of the Russian Federation which nominal value is specified in foreign currency (further - eurobonds of the Russian Federation) is performed based on declaration of will of holders of eurobonds of the Russian Federation taking into account the following requirements:

a) substitution of eurobonds of the Russian Federation is performed by obtaining by the Ministry of Finance of the Russian Federation from their holders of the eurobonds of the Russian Federation which are in circulation with the subsequent transfer of the received eurobonds of the Russian Federation (further - the replaced eurobonds of the Russian Federation) into the account opened in the non-bank credit institution which is the central depositary according to the Federal Law of December 7, 2011 No. 414-FZ "About the central depositary" (further - the central depositary), and transfer instead of them the issued eurobonds of the Russian Federation, centralized accounting of the rights to which is performed by the central depositary (further - replacement eurobonds of the Russian Federation). If substitution of eurobonds of the Russian Federation on such conditions is impossible owing to restrictive actions of foreign states, the international organizations and foreign depositaries, substitution of eurobonds of the Russian Federation is performed by transfer (concession) by the holder of the replaced eurobonds of the Russian Federation of all rights on them to the Ministry of Finance of the Russian Federation and provision to the central depositary by their holder of documents which confirm its rights and which list is determined by the Ministry of Finance of the Russian Federation in coordination with the Central bank of the Russian Federation (further - supporting documents);

b) substitution of eurobonds of the Russian Federation is performed with transfer of replacement eurobonds of the Russian Federation into the custody accounts of holders of eurobonds of the Russian Federation opened in the Russian depositary;

c) the size of coupon yield on replacement eurobonds of the Russian Federation, frequency of its payment, repayment period and nominal value of replacement eurobonds of the Russian Federation shall correspond to similar conditions concerning the replaced eurobonds of the Russian Federation.

2. The Ministry of Finance of the Russian Federation has the right to conclude with the central depositary, holders of eurobonds of the Russian Federation and other persons of the agreement, necessary for substitution of eurobonds of the Russian Federation.

3. Solutions of the Board of directors of the Central bank of the Russian Federation in coordination with the Ministry of Finance of the Russian Federation establish requirements to activities of depositaries:

a) when opening, maintaining and closing on a grant basis custody accounts of the central depositary;

b) when carrying out transactions on substitution of eurobonds of the Russian Federation;

c) in case of the direction to foreign depositaries in which accounts of persons which are acting for the benefit of other persons, information on the performed substitution of eurobonds of the Russian Federation and the order (order) about write-off of the replaced eurobonds of the Russian Federation are opened for depositaries;

d) when providing according to item 4 of this Decree of the isolated accounting of replacement eurobonds of the Russian Federation.

4. Provide to depositaries the isolated accounting of the replacement eurobonds of the Russian Federation received by persons as a result of substitution of eurobonds of the Russian Federation which are acquired after day of entry into force of this Decree if after this date holders of eurobonds of the Russian Federation were foreign creditors, except for persons meeting at the same time the requirements of subitems "an" and "b" of Item 12 of the Presidential decree of the Russian Federation of March 5, 2022 No. 95 "About temporary procedure for obligation fulfillment before some foreign creditors". The isolated accounting is not performed if:

a) the permissions provided by the Presidential decree of the Russian Federation of March 1, 2022 No. 81 "About additional temporary measures of economic nature for ensuring financial stability of the Russian Federation" or the Presidential decree of the Russian Federation of March 3, 2023 No. 138 "About the additional temporary measures of economic nature connected with security circulation are got for transactions (transactions) with the replaced eurobonds of the Russian Federation";

b) the replaced eurobonds of the Russian Federation are acquired at the organized biddings or at the owner (trustee) of eurobonds of the Russian Federation who is not foreign creditor and which accounting of the rights to the replaced eurobonds of the Russian Federation was performed by the Russian depositary.

5. The transaction (transaction) with replacement eurobonds of the Russian Federation which isolated accounting is provided with depositaries according to item 4 of this Decree the property rights to such eurobonds of the Russian Federation involving transition, their transfer to trust management or pledge, are made based on permissions which are issued by the Central bank of the Russian Federation to applicants which is credit institutions and not credit financial credit institutions, or Russian Government Commission on Foreign Investments to applicants, not being credit institutions and not credit financial credit institutions. Permissions if necessary may contain conditions of making of these transactions (transactions).

6. Central depositary on a grant basis:

a) creates the register of holders of eurobonds of the Russian Federation according to the procedure, established by the Ministry of Finance of the Russian Federation in coordination with the Central bank of the Russian Federation. Inclusion of the holder of eurobonds of the Russian Federation in such register is performed based on declaration of will of the holder of eurobonds of the Russian Federation involving blocking of eurobonds of the Russian Federation on its custody account or the supporting documents processed properly and provided by the holder of eurobonds of the Russian Federation to the central depositary;

b) performs verification of the supporting documents provided according to the subitem "an" of this Item. In the presence at the central depositary of reasonable doubts in completeness and (or) reliability of the provided documents the central depositary does not include the holder of eurobonds of the Russian Federation in the register of holders of eurobonds of the Russian Federation;

c) keeps the register of eurobonds of the Russian Federation on all rights according to which subitem "an" of Item 1 of this Decree are transferred (are yielded) by the holder of eurobonds of the Russian Federation to the Ministry of Finance of the Russian Federation.

7. If centralized accounting of the rights to the replaced eurobonds of the Russian Federation (obligatory centralized storage of the replaced eurobonds of the Russian Federation) is performed by the central depositary, for the purpose of transfer of the replaced eurobonds of the Russian Federation into the account of the Ministry of Finance of the Russian Federation the central depositary and (or) other Russian depositaries in which accounts of foreign nominee holders are opened, perform write-off of the replaced eurobonds of the Russian Federation without order (order) of foreign nominee holders.

8. Obligation fulfillment on eurobonds of the Russian Federation which were not replaced is performed according to the procedure, No. 665 established by the Presidential decree of the Russian Federation of September 9, 2023 "About temporary procedure for execution before residents and foreign creditors of the state debt obligations of the Russian Federation expressed in government securities which nominal value is specified in foreign currency, and other obligations on foreign securities".

9. Obligation fulfillment on replacement eurobonds of the Russian Federation is performed without use of accounts of type "C".

10. Making by the Ministry of Finance of the Russian Federation with holders of eurobonds of the Russian Federation according to this Decree of transactions does not require receipt of the permissions provided by presidential decrees of the Russian Federation of March 1, 2022 No. 81 "About additional temporary measures of economic nature for ensuring financial stability of the Russian Federation" and of March 3, 2023 No. 138 "About the additional temporary measures of economic nature connected with security circulation".

11. For the purpose of this Decree:

a) the holder of eurobonds of the Russian Federation is understood as the owner of eurobonds of the Russian Federation or person performing the rights on eurobonds of the Russian Federation;

b) the foreign depositary is understood as the foreign organization having the right according to its personal law to perform accounting and transition of the rights to securities;

c) foreign creditors are understood as the foreign persons connected with foreign states which make concerning the Russian Federation of the Russian legal entities and physical persons unfriendly actions (including if such foreign persons have nationality of these states, the place of their registration, the place of preferential conducting economic activity by them or the place of preferential extraction by them of profit on activities are these states), or persons who are under control of the specified foreign persons, irrespective of the place of their registration (except as specified if the place of their registration is the Russian Federation) or places of preferential conducting economic activity by them.

12. To the Ministry of Finance of the Russian Federation in coordination with the Central bank of the Russian Federation:

a) determine the list of supporting documents and terms of their provision by holders of eurobonds of the Russian Federation for inclusion in the register of holders of eurobonds of the Russian Federation;

b) establish making conditions with holders of eurobonds of the Russian Federation of transactions on substitution of eurobonds of the Russian Federation.

13. To the board of directors of the Central bank of the Russian Federation to make the decisions necessary for implementation of this Decree.

14. The solutions of the Board of directors of the Central bank of the Russian Federation provided by this Decree are subject to official publication according to article 7 of the Federal Law of July 10, 2002 No. 86-FZ "About the Central bank the Russian Federation (Bank of Russia)".

15. Grant the right to make official explanations:

a) To Central Bank of the Russian Federation - concerning application of Items 3 and 4 of this Decree;

b) To the Ministry of Finance of the Russian Federation - on other questions of application of this Decree.

16. This Decree becomes effective from the date of its official publication.

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