On amendments to the Decree of the Council of Ministers and the National Bank of the Republic of Belarus dated September 26, 2022 No. 643/20 “On special transactions with government securities”

On September 4, 2023, a joint decree of the Council of Ministers and the National Bank of the Republic of Belarus No. 583/16 “On changing the resolutions of the Council of Ministers of the Republic of Belarus and the National Bank of the Republic of Belarus of April 6, 2022 No. 212/10 and of September 26, 2022 No. 643/20” was adopted. This decree specifies the mechanisms for fulfilling obligations under the Eurobonds of the Republic of Belarus.

This procedure has been developed and implemented due to the current sanctions restrictions, including the sanctions imposed on the National Bank as a financial agent of the Government of the Republic of Belarus, as well as the continued inability of the Western infrastructure to ensure that payments reach all Eurobond holders.

Resolution No. 643/20 in its amended version specifies three possible ways to receive payments on Eurobonds (at the choice of the Eurobonds owner):
– exchange for domestic government bonds;
– redemption with a discount;
– receiving payments on Eurobonds in Belarusian rubles.

Payments on matured Eurobonds will be made subject to the following conditions:
1) their acquisition by the owner before September 6, 2022;
2) ensuring the transfer of Eurobonds to the account of the Ministry of Finance of the Republic of Belarus in trusted depositories that have correspondent relations with the “Central Securities Depository of the Republic of Belarus” and have concluded a special agreement on making payments with the Ministry of Finance.