Conditions for the fulfillment of obligations on Eurobonds of the Republic of Belarus have changed

On September 7, 2023, the joint resolution of the Council of Ministers and the National Bank of the Republic of Belarus dated September 4, 2023 No. 583/16 “On amending  the resolutions of the Council of Ministers of the Republic of Belarus and the National Bank of the Republic of Belarus dated April 6, 2022No. 212/10 and dated September 26, 2022No. 643/20” was published and comes into force after the publication, specifying the mechanisms for fulfilling obligations under Eurobonds of the Republic of Belarus.

New conditions are set for the fulfillment of obligations under Eurobonds in Belarusian rubles by paying to the bank accounts of the Eurobond holders:

• bondholders purchased them before September 6, 2022;
• bondholders are not residents of foreign states specified in the annex to the Resolution of the Council of Ministers of the Republic of Belarus dated April 6, 2022 No. 209 “On the list of foreign states committing unfriendly actions against Belarusian legal entities and (or) individuals”;
• transfer of Eurobonds upon their redemption to the account of the Ministry of Finance in a non-resident depositary.

The term “bondholders” includes: Eurobond holders, Eurobond trustees and non-resident depositories.

A non-resident depository is a foreign organization that has the right to carry out professional activities with securities in accordance with foreign law, which has established correspondent relations with the republican unitary enterprise "Republican Central Securities Depository" and has concluded an agreement with the Ministry of Finance on organizing payments on securities. The list of non-resident depositories is published on the website of the Republican Central Depository.

It was also clarified that the replacement of debt obligations on Eurobonds with debt obligations on government securities placed on the domestic financial market is considered to have taken place provided that the Eurobonds are canceled [in the clearing systems].

The specifics of the fulfillment of obligations on Eurobonds of the Belarus-2023 issue were determined within the framework of the current general procedure.