02.06.2022, 11:21
Citibank Stopped Servicing Four Issues of Russian Eurobonds
Source: OREANDA-NEWS
OREANDA-NEWS From May 24 Citibank ceased to act as fiscal agent for bonds of external bond issues of Russia with maturity in 2023, 2028, 2042 and 2043, the press service of the Russian Ministry of Finance said.
It is noted that Citibank exercised its right under the contracts for services of fiscal agent and stopped performing the functions of fiscal agent, registrar, transfer agent and paying agent. The function of paying agent was transferred to the NCO JSC "National Settlement Depository".
Citibank is the largest depository and settlement center for Russian bonds. After the West imposed anti-Russian sanctions, the Russian Ministry of Finance reported technical difficulties with payments on Eurobonds, as the agent bank stopped making foreign currency payments.
On May 25, the U.S. Treasury refused to renew its license to service Russian government debt in foreign currencies - primarily U.S. dollars. The document allowed Western investors to receive debt payments on Russian bonds.
It is noted that Citibank exercised its right under the contracts for services of fiscal agent and stopped performing the functions of fiscal agent, registrar, transfer agent and paying agent. The function of paying agent was transferred to the NCO JSC "National Settlement Depository".
Citibank is the largest depository and settlement center for Russian bonds. After the West imposed anti-Russian sanctions, the Russian Ministry of Finance reported technical difficulties with payments on Eurobonds, as the agent bank stopped making foreign currency payments.
On May 25, the U.S. Treasury refused to renew its license to service Russian government debt in foreign currencies - primarily U.S. dollars. The document allowed Western investors to receive debt payments on Russian bonds.
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