78.ru has quoted Maxima Legal’s experience in relation to payments under Presidential Decree No. 665
In September 2023, Vladimir Putin signed Decree No. 665 approving the procedure for payments on Eurobonds of the Ministry of Finance depending on the infrastructure through which investors hold them. If through Russian infrastructure, payments are made in roubles through the National Settlement Depository (NSD). Investors holding securities through foreign infrastructure receive payments in roubles to ‘I’ accounts, from which withdrawal of funds is restricted. In addition, Decree No. 665 provides for the possibility of using funds held in type “И” accounts to fulfil obligations of the central securities depository that have arisen and have not been fulfilled and/or terminated prior to the date of its entry into force.
In March 2024, NSD made the ninth round of payments under the decree. The lawyers interviewed by RBC confirmed the effectiveness of the payment mechanism. Some clients received almost all the funds due to them, Sergey Tarasevich, Associate of Tax & Administrative Law Practice at Maxima Legal, told RBC and was quoted 78.ru.
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