• ACI Russia

08/18/1998 10:14:10 FULL TEXT-Russian 90-day debt payment freeze

MOSCOW, Aug 18 (Reuters) - Following is the full text of a Russian central bank statement detailing what credits are covered by a moratorium imposed on Monday on some foreign debt payments (translation by Reuters). The public relations department of the Bank of Russia reports that the Board of Directors of the Bank of Russia, with the aim of implementing the Declaration of the Russian Federation Government and the Russian Federation Central Bank, and in the interests of ensuring economic stability and a stable financial system in the Russian Federation, has taken a decision to suspend from August 17, 1998, for a 90-day period operations connected with the payment by residents to non-residents on repayment of debt principal on financial credits received from non-residents for a period of more than 180 days, insurance payments on credits backed by securities collateral, including repo deals, and forward currency contracts. The suspension of payment operations covers resident legal entities, including credit organisations, with the exception of payments by the Russian Federation (in the shape of the Government of the Russian Federation, the Ministry of Finance of the Russian Federation), the Central Bank of the Russian Federation, subjects of the Russian Federation fulfilling obligations on foreign credits, Vneshekonombank servicing of foreign state debt of the Russian Federation, and also payments for which the Russian Federation has pledged not to impose restrictions upon, including obligations of Russian residents under financial credits given by the European Bank for Reconstruction and Development. The suspension also does not cover current operations of residents in foreign economic activity which are in accordance with the Russian Federation Law "On foreign currency regulation and control", including transfers abroad of interest and dividends on foreign investments brought into the Russian Federation. The introduction of the moratorium does not relieve Russian borrowers from fulfilling obligations undertaken by them after the expiry of the set period of the moratorium, or from payment during the period of the moratorium of interest on the corresponding obligations. In this connection it is necessary to recommend residents, the operations of which are covered by the restrictions introduced for the period of the moratorium, to hold talks with creditors with the aim of reviewing and agreeing on a schedule for meeting obligations on previously agreed deals, acting both individually (independently) and through the creation of various types of association. The present decision does not restrict payments from the Russian Federation or into the Russian Federation carried out by non-residents in foreign currency.

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