Belarus Finance Ministry says Belarus-2026, Belarus-2031 Eurobonds obligations fulfilled in Belarusian rubles

MINSK. Feb 27 (Interfax) - The Belarusian Finance Ministry said on Friday that the Belarus-2026 and Belarus-2031 Eurobonds obligations had been fulfilled in Belarusian rubles.

"On February 24, 2023, the interest yield on the Belarus-2026 Eurobonds in the equivalent of $14.7 million and the Belarus-2031 Eurobonds in the equivalent of $23.9 million was paid. The funds were fully transferred to a separate bank account, which was opened with JSC ASB Belarusbank, in accordance with the decree No. 212/10 of the Council of Ministers and the National Bank of Belarus of April 6, 2022 'On temporary measures to fulfill the foreign government debt obligations,'" the statement said.

This decree specifies the possibility of "in view of unfriendly measures by foreign creditors, including those accompanied by a suspension of project financing and (or) limiting the ability of the Government of Belarus and the National Bank as its financial agent to make payments in U.S. dollars and euros, to perform the obligations of the Republic of Belarus to repay the principal debt and interest on foreign government loans drawn from foreign creditors under the list in accordance with the annex, in Belarusian rubles at the official exchange rate of the Belarusian ruble to the relevant foreign currency on the date of the actual payment."

It is reported that "access to the account is provided for the payment agent established by the issue documentation - Citibank N.A. London Branch.

"The holders of Eurobonds are also entitled to receive payments from the specified account upon presentation of an application and upon verification stipulated by the decree No. 643/20 'On certain operations with government securities' adopted by the Council of Ministers and the National Bank of Belarus on September 26, 2022," the Belarusian Finance Ministry added.

"We remind you that the procedure for the performance of obligations on the Eurobonds is applied due to the current sanctions, including those against the National Bank as a financial agent of the Government of the Republic of Belarus, as well as the continuing inability of the Western infrastructure to provide the remittance of payments to all holders of Eurobonds," the ministry said.