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Bank of Russia Board of Directors establishes I-type account mode

15 September 2023

Press release

The new mode of an I-type account opened to execute obligations under Eurobonds of the Russian Federation in accordance with Executive Order No. 665,¹ dated 9 September 2023, becomes effective from the date the relevant decision of the Bank of Russia Board of Directors is published.

Executive Order No. 665 clarified the earlier established procedure for payments (coupons, par value) on Eurobonds of the Russian Federation. According to the Executive Order, the I-type account mode shall now be established by a decision of the Bank of Russia Board of Directors. Executive Order No. 665 also cancels Executive Order No. 394, dated 22 June 2022.²

Earlier, the I-type account mode was established by Bank of Russia Ordinance No. 6169-U³ issued based on Executive Order No. 394. This Ordinance is currently not applied because Executive Order No. 394 is no longer valid.

¹ Executive Order of the President of the Russian Federation No. 665, dated 9 September 2023, ‘On the Temporary Procedure for Executing State Debt Obligations of the Russian Federation in the Form of Government Foreign Currency-denominated Securities to Residents and Foreign Creditors and Other Obligations Under Foreign Securities’.

² Executive Order of the President of the Russian Federation No. 394, dated 22 June 2022, ‘On the Temporary Procedure for Executing State Debt Obligations of the Russian Federation in the Form of Government Foreign Currency-denominated Securities to Residents and Foreign Creditors’.

³ Bank of Russia Ordinance No. 6169-U, dated 24 June 2022, ‘On Establishing the Mode of an I-type Account’.

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