The government has approved a list of foreign states and territories that commit unfriendly actions against Russia, Russian companies, and citizens. The order to this effect has been signed.
The order was prepared as part of the Decree of the President of March 5, 2022 “On the temporary procedure for fulfilling obligations to certain foreign creditors.”
According to it, Russian citizens and companies, the state itself, its regions and municipalities that have foreign exchange obligations to foreign creditors from the list of unfriendly countries will be able to pay them in rubles. To do this, the debtor may ask a Russian bank to create a special ruble account “C” in the name of a foreign creditor and transfer payments to it in ruble equivalent at the exchange rate of the Central Bank on the date of payment.
The new temporary procedure applies to payments exceeding 10 million rubles per month (or a similar amount in foreign currency).