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Edict on the Temporary Procedure for the Performance of Obligations to Certain Foreign Creditors - Russia and the Republics Legal Materials - Second Series
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22271
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Originally from Russia and the Republics Legal Materials - Second Series
Preview Page In addition to the measures of an economic character provided by edicts of the President of the Russian Federation of 28 February 2022, No. 79, “On the Application of Special Economic Measures in Connection with Unfriendly Actions of the United States of America and Foreign States and International Organizations Siding with It” and of 1 March 2022, No. 81, “On Additional Temporary Measures of an Economic Character Relating to Ensuring the Financial Stability of the Russian Federation”, I decree:
1. To establish a temporary procedure for the performance by the Russian Federation, subjects of the Russian Federation, municipal formations, and residents (hereinafter also – debtors) of obligations relating to credits and loans and financial instruments to foreign creditors which are foreign persons connected with foreign States who are committing unfriendly actions with respect to the Russian Federation, Russian juridical persons, and natural persons (including if such foreign persons have the citizenship of these States, or these States are the place of registration thereof, place of primary conducting of economic activity by them, or place of primary deriving by them of profit from activity), or by persons which are under the control of the said foreign persons, irrespective of their place of registration (except for instances if the Russian Federation is their place of registration) or the place of primary conducting of economic activity by them (hereinafter – foreign creditors).
2. The procedure for the performance of obligations established by the present Edict shall extend to the performance of obligations in an amount exceeding 10 million rubles in a calendar month or in an amount exceeding this sum in foreign currency at the official exchange rate of the Central Bank of the Russian Federation established on the first date of each month.
William E. Butler, Emeritus Professor of Comparative Law in the University of London, attached to University College London, is the John Edward Fowler Distinguished Professor of Law at the Dickinson School of Law, Pennsylvania State University, and Founder and Director of The Vinogradoff Institute.
An authority on the legal systems of Russia and former Soviet nations, he is the author, co-author, editor or translator of more than 3,500 books and articles on Russian, Soviet, Kazakhstan, Ukrainian, Uzbekistan, and other Commonwealth of Independent States legal systems. He has acted as Counsel to the EBRD, European Union, World Bank, United Nations, and Department for International Development of the United Kingdom on individual law reform projects.
The recipient of numerous honors for his service to Russian and international law, Professor Butler is Academician of the National Academy of Sciences of Ukraine and the Russian Academy of Natural Sciences, Associate of the International Academy of Comparative Law, and Member of the Russian Academy of Legal Sciences. He has been elected to his fourth term as a member of the Russian International Court of Commercial Arbitration. In 2003 Professor Butler was awarded the G. I. Tunkin Medal by the Russian International Law Association.
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