Agreement between the Central bank of the Russian Federation and Bank of Latvia on the organization of calculations between business entities of the Russian Federation and Republic of Latvia

of February 12, 1997

Central Bank of the Russian Federation (Bank of Russia) and Bank of Latvia, hereinafter referred to as with the Parties, aiming at enhancement of the mechanism of calculations between business entities of the Russian Federation and the Republic of Latvia, agreed as follows.

Article 1

All calculations and payments for goods and services between business entities (legal entities and physical person) of the Russian Federation and the Republic of Latvia in agreements (contracts) signed between them are performed in national currencies of the Russian Federation and the Republic of Latvia (rubles and lats), and also in currencies of the third countries according to the legislation existing in the territory of each state. The payment currency and form of calculations are determined by agreement of subjects of foreign economic activity.

Article 2

1 calculations specified in Article and payments are made through correspondent accounts of the Parties and authorized banks.

For implementation of payments in rubles in the Bank of Russia the correspondent account in rubles opened for Bank of Latvia since July 1, 1992 remains, and for implementation of payments in lats in Bank of Latvia the correspondent account in armor opened for the Bank of Russia according to the interbank agreement of the Parties of October 28, 1992 remains.

On correspondent accounts of the Parties calculations on transactions, following from functions of the Central banks are perfromed only (including for conversion interbank transactions), calculations for other transactions are made only according to the supplementary agreement.

Article 3

Authorized banks of the Russian Federation are the commercial banks which obtained the license for maintaining correspondent accounts in foreign banks.

Authorized banks of the Republic of Latvia are the commercial banks which obtained the license of Bank of Latvia for carrying out banking activities.

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