Belarus clarifies procedure for honoring eurobond commitments

MINSK, 7 September (BelTA) – The procedure for honoring Belarus’ commitments concerning eurobonds has been clarified by resolution No.583/16 signed by the Council of Ministers and the National Bank of the Republic of Belarus (NBRB) on 4 September 2023. The resolution has been published by the national legal information registry, BelTA has learned.

The Finance Ministry explained that the procedure has been worked out and is in use due to existing sanctions-fueled restrictions, including restrictions against the central bank as the fiscal agent of the Belarusian government, in addition to the persistent inability of the Western infrastructure to transfer payments to all the eurobond holders.

According to revised resolution No.643/20, eurobond holders can choose any of the three options to get the payments they are owed. The options include exchange for domestic government bonds, redemption at discounted prices, and getting eurobond payments in Belarusian rubles.

Payments on the eurobonds that have to be redeemed will be made if the eurobonds were bought before 6 September 2022, provided the eurobonds are transferred to the Belarusian Finance Ministry’s account in trusted depositories, which maintain corresponding relations with the Central Securities Depository of the Republic of Belarus and which have signed an agreement on organizing the payments with the Finance Ministry.


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