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23 January 2024, 19:22

Belarusian Finance Ministry explains situation with eurobond payments

MINSK, 23 January (BelTA) – In January the Belarusian Finance Ministry continues transferring payments to holders of Belarusian eurobonds, who are registered with the Russian depository system, BelTA has learned.

Payments are being made according to an agreement signed with Russia’s National Settlement Depository to eurobond holders, who have passed the necessary verification procedures and are listed in submitted registries. Payments are being made according to resolution No.643/20 passed by the Council of Ministers and the National Bank of the Republic of Belarus on 26 September 2022 in compliance with the approaches Belarus and Russia had worked out to using the local depository infrastructure.

Approaches to honoring commitments before other categories of eurobond holders will be worked out taking into account the generalized practice of collecting documents and transferring monetary assets via the depository after an analysis of encountered issues, including technical ones.

The Belarusian Finance Ministry explained: “The need to introduce a mechanism to honor commitments on eurobonds to bypass procedures stipulated by the issue documents has been triggered by the unilateral refusal of Western infrastructure organizations to fulfill their functions. The pressure of sanctions against the Russian infrastructure and the Belarusian one is compounded by the fact that Belarus’ eurobonds are stored outside the Belarusian depository system.”

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