The Central Bank of the Russian Federation clarified the rules for payments on external debt

The Central Bank of Russia has clarified the rules for paying off the external debt of Russian issuers under a special temporary procedure for servicing it, which apply to both residents of the Russian Federation and creditors from other countries. The corresponding explanation is posted on the bank’s website.

“Creditors who are residents of the Russian Federation and creditors from countries that have not joined the sanctions against Russia will be able to receive funds on existing debt obligations of residents of the Russian Federation within the terms established by the debt obligation in rubles in the amount of the ruble equivalent at the exchange rate at the time of payment, and if there is a special permissions – in the currency of the debt, ”the Central Bank explains.

For borrowers from countries that have imposed sanctions against Russia, ruble payments as part of the repayment of debt obligations will be credited to special C-type accounts opened with Russian and foreign credit institutions.

At the same time, the regulator emphasizes that there are no restrictions on the use of rubles received by creditors, including in terms of conducting conversion operations.

The EU countries, the United States and their allies have imposed large-scale sanctions against Russia, including both the freezing of the assets of a number of Russian banks, and the freezing of a significant part of the assets of the Central Bank of the Russian Federation – the “airbag” of the Russian financial sector. This led to a sharp depreciation of the ruble and forced the adoption of emergency measures, including a significant increase in the lending rate of the Central Bank.