Putin signs decree on mandatory placement of 'substitute' bonds with timeframe by Jan 1, 2024

MOSCOW. May 22 (Interfax) - Russian President Vladimir Putin has signed a decree on the mandatory placement of "substitute" bonds by Russian borrowers by January 1, 2024, and the text of the decree was published on Monday on the government's official internet portal of legal information.

According to the document, Russian legal entities that have obligations related to Eurobonds must ensure compliance with obligations to Eurobond holders, whose rights are recorded in Russian depositories, by placing bonds before January 1, 2024. Payment upon placement is rendered in Eurobonds or in cash, with the funds intended for the purchase of Eurobonds.

The decree enters into force as of the day of its publication.