Ministry of Finance of the Russian Federation
Ministry of Finance of the Russian Federation
15.09.2008

Declaration of the Government of the Russian Federation on Limitation of the Period for the Acceptance for Reconciliation of Claims of the Foreign Trade Creditors under Trade Indebtedness of the Former USSR

 

Translation from Russian

 

APPROVED
by Decree of the Government of the Russian Federation
No.1342-P, dated 15.09.2008

DECLARATION

of the Government of the Russian Federation on Limitation of the Period for the Acceptance for Reconciliation of Claims of the Foreign Trade Creditors under Trade Indebtedness of the Former USSR

The Government of the Russian Federation hereby declares that the debt claims under trade indebtedness of the former USSR, the legal responsibility for which has been accepted by the Declaration of the Government of the Russian Federation on the Restructuring of the Trade Indebtedness of the Former USSR of October 1, 1994, may be submitted to Vnesheconombank by their holders in the established reconciliation request form covering the debt in question together with all required documents not later than 6:00 p.m. Moscow time on October 15, 2008.

All reconciliation request forms submitted prior to the above date signed and duly completed will be accepted and reviewed. Reconciliation request forms submitted after the established date will not be accepted for settlement.

Detailed information on the procedure for the execution of the relevant reconciliation request forms and the reconciliation procedure is posted on the website of the Ministry of Finance of the Russian Federation at: www.minfin.ru.

All determinations as to whether reconciliation request forms have been duly completed and timely received will be made by Vnesheconombank in consultations with the Ministry of Finance of the Russian Federation.

Failure to timely submit required reconciliation request forms and relating documents will not affect any rights holders of debt claims under trade indebtedness of the former USSR may have against the original contractual obligor.

Starting from October 1, 1994, the date when the above Declaration was published, the Ministry of Finance of the Russian Federation, acting on behalf of the Russian Federation, has made two general offers to exchange the new Russian Federation Eurobonds for the trade indebtedness of the former USSR, resulting in the retirement of the equivalent of USD 2.4 billion face amount of former Soviet trade indebtedness, and the issuance of USD 0.3 billion principal amount of Russian Federation Eurobonds due 2006 to 2010 and USD 2.1 billion principal amount of Russian Federation Eurobonds due 2007 to 2030.

The decision to limit the period of time for the acceptance for reconciliation of the debt claims under the trade indebtedness of the former USSR has been taken in light of the very lengthy period previously available to holders to submit their claims for reconciliation.