On 8 August 2024, the President of the Russian Federation signed Decree No 677 (‘Decree’) to set forth the procedure for replacing government securities of the Russian Federation with the par value indicated in foreign currency (‘Russian Eurobonds’).

Placement of Replacement Bonds

Replacement bonds (‘Replacement Bonds’) will be issued to replace Russian Eurobonds.

The Government of the Russian Federation and the Ministry of Finance of Russia authorised by it were empowered to issue Replacement Bonds to replace/ substitute circulating Russian Eurobonds in August 2023.

Read more about the decree containing the terms of replacement of Russia's sovereign Eurobonds in the alert.