President Vladimir Putin has sanctioned an interim framework for settling Russia’s Eurobond debt obligations. The decree outlining this process appeared in the official legal consolidation records. It clarifies how obligations are handled for both domestic residents and foreign creditors, including securities held in foreign depositories that manage ownership records and safekeeping on behalf of holders.
The decree grants Russia the authority to request the opening of a type I ruble account with the Russian central depository on behalf of a foreign depository institution. The beneficiaries of such accounts include eurobond holders and certain individuals. It also lays out how funds in I-type accounts are indexed and the steps for transferring amounts to their rightful owners, ensuring a traceable path from settlement to payment.
In June, the Ministry of Finance allocated 13.4 billion rubles to cover Eurobond issues that mature in 2028, signaling a commitment to meeting scheduled obligations while guiding the restructuring framework.
Prior to that, the Ministry completed the payment of coupon income connected to eurobonds maturing in 2027 and 2047, with a total of 19.6 billion rubles disbursed to rightful receivers. This demonstrates a continued effort to fulfill coupon liabilities within the broader debt management strategy.
Additionally, Putin signed a decree that requires Russian legal entities with Eurobond obligations to issue replacement bonds by the end of the year, aligning with a broader mechanism to manage refinancing and debt rollover.
Earlier communications indicated that the central bank would pursue a substantial increase in foreign exchange sales, which would influence liquidity and currency dynamics as part of the overall debt management and market stabilization plan. The sequence of measures reflects an integrated approach to stabilizing sovereign debt obligations while providing a transparent framework for investors and counterparties.
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