No later than by January 1, 2024, such bonds will have to be offered to investors holding the Eurobonds through Russian depositaries which will provide liquidity, as the bonds will trade in the local Russian market without any restrictions resulting from sanctions.
However, investors from “unfriendly states” holding through Russian depositaries are not entitled to be offered such replacement bonds and will remain only able to receive any payments relating to the Eurobonds into the restricted S-type accounts, unless they obtain a Government Commission derogation.
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