The Bank of Russia has updated the requirements for claims under loan agreements where the principal is denominated in foreign currency (hereinafter, foreign currency loan agreements) for these claims to be accepted as collateral for Bank of Russia loans.
From 16 September 2024, such agreements shall either stipulate the requirement to fulfill the obligations under an agreement in rubles at the exchange rate or contain a clause entitling the creditor or the Bank of Russia (when claims under the agreement are assigned to the regulator) to claim fulfillment of the obligations under the agreement in rubles at the exchange rate.
The new version of the Terms and Conditions for the Issue and Repayment of Bank of Russia Loans Backed by Securities or Credit Claims will be applied beginning on 16 September 2024.
The claims under foreign currency loan agreements included in collateral pools before the said date will remain in the pools provided that the agreement allows the creditor to claim fulfillment of the obligations in rubles, including when they are fulfilled at an exchange rate other than the official one. That said, the value of such non-marketable assets may not increase.
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