The Russian Federation will be able to pay off foreign currency debt on eurobonds in rubles.
On June 22, 2022, the President issued a Decree according to which, in order to ensure the fulfillment of obligations to holders of Russian Eurobonds, whose rights to bonds are recorded in a foreign depository, the Russian Federation has the right to send an application to the Russian central depository for opening a type “I” ruble account in the name of a foreign depository. The beneficiaries of the "I" account are holders of Eurobonds.
Ruble payments will be indexed in accordance with the ruble exchange rate in the Russian domestic foreign exchange market.
Obligations under Russian Eurobonds will be recognized as properly discharged if they are settled in rubles in an amount equivalent to the value of obligations in foreign currency and calculated at the foreign exchange rate formed on the domestic foreign exchange market of the Russian Federation on the day when the Russian Federation makes payment to the central depository.