MOSCOW, August 9 Russian President Vladimir Putin has established a temporary procedure for the execution of state guarantees provided in foreign currency: now they can be executed in rubles even without the consent of the recipient of funds. The corresponding decree is published on the official portal of legal information.
«Establish that the fulfillment of the obligations of the Russian Federation (guarantor) under state guarantees that are provided in foreign currency (…) to beneficiaries who are Russian and foreign legal entities and individuals, international financial organizations, is carried out taking into account the specifics provided for by this Decree» , the document says.
It, in particular, establishes that the fulfillment of obligations under Russian guarantees in foreign currency is carried out in the currency of the Russian Federation, that is, in rubles, if the recipient of the funds will present such a demand to his account or the account of a third party opened in a Russian bank. .
If the beneficiary does not express a desire to receive payments under state guarantees in rubles, the obligations of the Russian Federation, according to the decree, will still be fulfilled in the Russian national currency. The funds will be transferred to a ruble bank account opened at the request of the Ministry of Finance of the Russian Federation in the name of the beneficiary «in an organization that, in accordance with the federal law on the federal budget for the corresponding financial year and for the planned period, functions as an agent of the Russian government on the provision of state guarantees.» Now this agent is VEB.RF.
«The Decree comes into force from the day of its official publication and applies to legal relations arising from state guarantees provided before the date of entry into force of this decree,» the document says.