Соглашение между Правительством Российской Федерации и Правительством Швейцарской Конфедерации об урегулировании задолженности бывшего СССР [англ.]

(Заключено в г. Берне 30.01.1997)

AGREEMENT BETWEEN THE GOVERNMENT OF THE RUSSIAN FEDERATION AND THE GOVERNMENT OF THE SWISS CONFEDERATION ON THE REORGANISATION OF THE RUSSIAN FEDERATION'S EXTERNAL DEBT SERVICE OBLIGATIONS, INCLUDING CERTAIN DEBTS CONTRACTED BY THE GOVERNMENT OF THE UNION OF THE SOVIET SOCIALIST REPUBLICS (USSR)

The Government of the Russian Federation and the Government of the Swiss Confederation,

acting in accordance with the recommendations of the Agreement signed in Paris on April 29, 1996 between representatives of certain creditor countries, among which Switzerland, and representatives of the Government of the Russian Federation, have agreed on the following provisions:

1. The rescheduling under this article shall apply to

1.1. 100% of the amounts of principal and interest (excluding late interest) due from January 1, 1996 up to December 31, 1998 inclusive and not paid resulting from commercial credits guaranteed or insured by the Government of Switzerland, having an original maturity of more than one year, pursuant to a contract or other financial arrangement concluded with or guaranteed by the Government of the former Soviet Union (FSU) or concluded with or guaranteed by any other legally authorized entity before January 1, 1991 (to the extent covered by the Declaration acknowledging certain foreign debts of the FSU issued by the Government of the Russian Federation on April 2, 1993);

1.2. 100% of the amounts of principal due from January 1, 1996 up to March 31, 1999 inclusive and not paid resulting from

1.2.1. Article 1, Paragraph 2 of the «Agreement between the Government of the Swiss Confederation and the Government of the Russian Federation on the reorganisation of the Russian Federation's external debt service obligations, including certain debts contracted by the Government of the Union of the Soviet Socialist Republics (USSR)» dated March 10, 1994;

1.2.2. Article 1, Paragraph 2 of the «Agreement between the Government of the Swiss Confederation and the Government of the Russian Federation on the reorganisation of the Russian Federation's external debt service obligations, including certain debts contracted by the Government of the Union of the Soviet Socialist Republics (USSR)» dated January 12, 1995;

1.2.3. Article 1, Paragraph 2 of the «Agreement between the Government of the Swiss Confederation and the Government of the Russian Federation on the reorganisation of the Russian Federation's external debt service obligations, including certain debts contracted by the Government of the Union of the Soviet Socialist Republics (USSR)» dated November 14, 1995.

2. Repayment by the Government of the Russian Federation of the corresponding sums will be made as follows:

- <a id="p100014"></a>0,90% on February 20, 2002;      - 0,90% on August 20, 2002;
- 1,68% on February 20, 2003;      - 1,78% on August 20, 2003;
- 2,08% on February 20, 2004;      - 2,18% on August 20, 2004;
- 2,29% on February 20, 2005;      - 2,40% on August 20, 2005;
- 2,43% on February 20, 2006;      - 2,43% on August 20, 2006;
- 2,55% on February 20, 2007;      - 2,68% on August 20, 2007;
- 2,81% on February 20, 2008;      - 2,94% on August 20, 2008;
- 3,08% on February 20, 2009;      - 3,23% on August 20, 2009;
- 3,37% on February 20, 2010;      - 3,53% on August 20, 2010;
- 3,69% on February 20, 2011;      - 3,85% on August 20, 2011;
- 4,02% on February 20, 2012;      - 4,20% on August 20, 2012;
- 4,38% on February 20, 2013;      - 4,57% on August 20, 2013;
- 4,76% on February 20, 2014;      - 4,96% on August 20, 2014;
- 5,17% on February 20, 2015;      - 5,38% on August 20, 2015;
- 5,60% on February 20, 2016;      - 2,16% on August 20, 2016;
- 0,50% on February 20, 2017;      - 0,50% on August 20, 2017;
- 0,50% on February 20, 2018;      - 0,50% on August 20, 2018;
- 0,50% on February 20, 2019;      - 0,50% on August 20, 2019;
- 0,50% on February 20, 2020;      - 0,50% on August 20, 2020.

The deferral under this article shall apply to

1. 100% of the amounts of principal (excluding late interest) due from January 1, 1996 up to March 31, 1999 inclusive and not paid resulting from:

1.1. Article 2, Paragraph la of the «Agreement between the Government of the Swiss Confederation and the Government of the Russian Federation on the reorganization of the Russian Federation's external debt service obligations, including certain debts contracted by the Government of the Union of the Soviet Socialist Republics (USSR)» dated March 10, 1994;

1.2. Article 2, Paragraph la and Paragraph 1b of the «Agreement between the Government of the Swiss Confederation and the Government of the Russian Federation on the reorganization of the Russian Federation's external debt service obligations, including certain debts contracted by the Government of the Union of the Soviet Socialist Republics (USSR)» dated January 12, 1995;

1.3. Article 2, Paragraphs 1a, 1b and 1c of the «Agreement between the Government of the Swiss Confederation and the Government of the Russian Federation on the reorganization of the Russian Federation's external debt service obligations, including certain debts contracted by the Government of the Union of the Soviet Socialist Republics (USSR)» dated November 14, 1995;

2. 100% of the amounts of principal due from January 1, 1996 up to December 31, 1996 inclusive and not paid accruing from Article 2, Paragraph 1b of the «Agreement between the Government of the Swiss Confederation and the Government of the Russian Federation on the reorganization of the Russian Federation's external debt service obligations, including certain debts contracted by the Government of the Union of the Soviet Socialist Republics (USSR)» dated March 10, 1994.

3. Repayment by the Government of the Russian Federation of the corresponding sums will be made as follows:

- <a id="p100024"></a>0,90% on February 20, 2002;      - 0,90% on August 20, 2002;
- 1,68% on February 20, 2003;      - 1,78% on August 20, 2003;
- 2,08% on February 20, 2004;      - 2,18% on August 20, 2004;
- 2,29% on February 20, 2005;      - 2,40% on August 20, 2005;
- 2,43% on February 20, 2006;      - 2,43% on August 20, 2006;
- 2,55% on February 20, 2007;      - 2,68% on August 20, 2007;
- 2,81% on February 20, 2008;      - 2,94% on August 20, 2008;
- 3,08% on February 20, 2009;      - 3,23% on August 20, 2009;
- 3,37% on February 20, 2010;      - 3,53% on August 20, 2010;
- 3,69% on February 20, 2011;      - 3,85% on August 20, 2011;
- 4,02% on February 20, 2012;      - 4,20% on August 20, 2012;
- 4,38% on February 20, 2013;      - 4,57% on August 20, 2013;
- 4,76% on February 20, 2014;      - 4,96% on August 20, 2014;
- 5,17% on February 20, 2015;      - 5,38% on August 20, 2015;
- 5,60% on February 20, 2016;      - 6,16% on August 20, 2016.

All other amounts, if any, due by the Government of the Russian Federation resulting from commercial credits guaranteed or insured by the Government of Switzerland, from January 1, 1996 to March 31, 1999 inclusive and not covered by Articles 1 and 2 of the present Agreement will be paid on due dates.

It is understood that debt service due pursuant to Articles 1 and 2 of the present Agreement is not affected by Articles 4 and 5 below.

1. The rescheduling under this article shall apply to 100% of the amounts in principal falling due on or after April 1, 1999 resulting from

1.1. Article 1, Paragraph 2 of the «Agreement between the Government of the Swiss Confederation and the Government of the Russian Federation on the reorganization of the Russian Federation's external debt service obligations, including certain debts contracted by the Government of the Union of the Soviet Socialist Republics (USSR)» dated March 10, 1994;

1.2. Article 1, Paragraph 2 of the «Agreement between the Government of the Swiss Confederation and the Government of the Russian Federation on the reorganization of the Russian Federation's external debt service obligations, including certain debts contracted by the Government of the Union of the Soviet Socialist Republics (USSR)» dated January 12, 1995;

1.3. Article 1, Paragraph 2 of the «Agreement between the Government of the Swiss Confederation and the Government of the Russian Federation on the reorganization of the Russian Federation's external debt service obligations, including certain debts contracted by the Government of the Union of the Soviet Socialist Republics (USSR)» dated November 14, 1995.

2. Repayment by the Government of the Russian Federation of the corresponding sums will be made as follows:

- <a id="p100036"></a>0,90% on February 20, 2002;      - 0,90% on August 20, 2002;
- 1,68% on February 20, 2003;      - 1,78% on August 20, 2003;
- 2,08% on February 20, 2004;      - 2,18% on August 20, 2004;
- 2,29% on February 20, 2005;      - 2,40% on August 20, 2005;
- 2,43% on February 20, 2006;      - 2,43% on August 20, 2006;
- 2,55% on February 20, 2007;      - 2,68% on August 20, 2007;
- 2,81% on February 20, 2008;      - 2,94% on August 20, 2008;
- 3,08% on February 20, 2009;      - 3,23% on August 20, 2009;
- 3,37% on February 20, 2010;      - 3,53% on August 20, 2010;
- 3,69% on February 20, 2011;      - 3,85% on August 20, 2011;
- 4,02% on February 20, 2012;      - 4,20% on August 20, 2012;
- 4,38% on February 20, 2013;      - 4,57% on August 20, 2013;
- 4,76% on February 20, 2014;      - 4,96% on August 20, 2014;
- 5,17% on February 20, 2015;      - 5,38% on August 20, 2015;
- 5,60% on February 20, 2016;      - 2,16% on August 20, 2016;
- 0,50% on February 20, 2017;      - 0,50% on August 20, 2017;
- 0,50% on February 20, 2018;      - 0,50% on August 20, 2018;
- 0,50% on February 20, 2019;      - 0,50% on August 20, 2019;
- 0,50% on February 20, 2020;      - 0,50% on August 20, 2020.

1. The deferral under this Article shall apply to 100% of the amounts in principal falling due on or after April 1, 1999 resulting from

1.1. Article 2, Paragraph la of the «Agreement between the Government of the Swiss Confederation and the Government of the Russian Federation on the reorganization of the Russian Federation's external debt service obligations, including certain debts contracted by the Government of the Union of the Soviet Socialist Republics (USSR)» dated March 10, 1994;

1.2. Article 2, Paragraphs 1a and 1b of the «Agreement between the Government of the Swiss Confederation and the Government of the Russian Federation on the reorganization of the Russian Federation's external debt service obligations, including certain debts contracted by the Government of the Union of the Soviet Socialist Republics (USSR)» dated January 12, 1995;

1.3. Article 2, Paragraphs 1a, 1b and 1c of the «Agreement between the Government of the Swiss Confederation and the Government of the Russian Federation on the reorganization of the Russian Federation's external debt service obligations, including certain debts contracted by the Government of the Union of the Soviet Socialist Republics (USSR)» dated November 14, 1995.

2. Repayment by the Government of the Russian Federation of the corresponding sums will be made as follows:

- <a id="p100044"></a>0,90% on February 20, 2002;      - 0,90% on August 20, 2002;
- 1,68% on February 20, 2003;      - 1,78% on August 20, 2003;
- 2,08% on February 20, 2004;      - 2,18% on August 20, 2004;
- 2,29% on February 20, 2005;      - 2,40% on August 20, 2005;
- 2,43% on February 20, 2006;      - 2,43% on August 20, 2006;
- 2,55% on February 20, 2007;      - 2,68% on August 20, 2007;
- 2,81% on February 20, 2008;      - 2,94% on August 20, 2008;
- 3,08% on February 20, 2009;      - 3,23% on August 20, 2009;
- 3,37% on February 20, 2010;      - 3,53% on August 20, 2010;
- 3,69% on February 20, 2011;      - 3,85% on August 20, 2011;
- 4,02% on February 20, 2012;      - 4,20% on August 20, 2012;
- 4,38% on February 20, 2013;      - 4,57% on August 20, 2013;
- 4,76% on February 20, 2014;      - 4,96% on August 20, 2014;
- 5,17% on February 20, 2015;      - 5,38% on August 20, 2015;
- 5,60% on February 20, 2016;      - 6,16% on August 20, 2016.

All other amounts due by the Government of the Russian Federation resulting from commercial credits guaranteed or insured by the Government of Switzerland, on or after April 1, 1999 and not covered by Articles 4 and 5 of the present Agreement above will be paid on due dates.

The total amount of the maturities to be rescheduled and deferred according to Articles 1, 2, 4 and 5 of the present Agreement is approximately 385 million Swiss francs, of which approximately 136 million Swiss francs are rescheduled or deferred according to Articles 1 and 2 and approximately 249 million Swiss francs are rescheduled or deferred according to Article 4 and 5. The maturities are detailed in separate lists which form an integral part of the present Agreement. These lists may be modified through mutual agreement between the parties to the present Agreement.

1. The Government of the Russian Federation shall pay interest on the individual amounts rescheduled or deferred under the present Agreement as follows:

a) on the amounts specified in Article 1, Paragraphs 1.1, 1.2.1, 1.2.2, 1.2.3 and Article 2 at the rate of 4,30% per annum for the period from January 1, 1996 to February 20, 2006;

b) on the amounts specified in Articles 4 and 5, for the period from April 1, 1999 up to February 20, 2006, at the rate of 4,30% per annum. For the period up to March 31, 1999 inclusive, the relevant rates under the bilateral Agreements, dated March 10, 1994, January 12, 1995 and November 14, 1995, shall continue to apply;

c) on the amounts specified in Articles 1, 2, 4 and 5, for the period from February 21, 2006 up to August 20, 2020, at the rate to be determined in accordance with the following formula:

the average for the six months preceding February 1, 2006 of the yields prevailing on the last business day of the month on bonds issued by the Swiss Confederation with a remaining maturity closest to 7 years, plus a margin of 0,5% per annum. Such information will be communicated in writing by the Swiss Federal Office for Foreign Economic Affairs to the Ministry of Finance of the Russian Federation, by February 20, 2006.

2.1. As regards the amounts specified in Article 1, Paragraph 1.1. of the present Agreement, interest shall be calculated as from the original contractual maturity dates of such debt.

2.2. As regards the amounts specified in Article 1, Paragraphs 1.2.1., 1.2.2., and 1.2.3. and Article 2 of the present Agreement, interest shall be calculated as from the payment dates originally foreseen in the respective bilateral rescheduling Agreements.

3. Interest shall be calculated semi-annually in arrears on the basis of a year of 360 days and the exact number of days elapsed (365/360). Interest shall be paid on each payment date, as provided under Article 8, Paragraphs 3.1. and 3.2. of the present Agreement, in respect of interest accrued from, but excluding the previous payment date to, and including the payment date in question.

3.1. In respect of the amounts specified in Article 1, Paragraph 1.1., and, to the extent falling due on or after January 1, 1996, the amounts specified in Article 1, Paragraphs 1.2.1., 1.2.2., 1.2.3. and Article 2, interest shall be paid on February 20 and August 20 of each year, and for the first time exceptionally on April 30, 1997.

3.2. In respect of the amounts specified in Articles 4 and 5 of the present Agreement, interest accruing from and including April 1, 1999 shall be paid on February 20 and August 20 of each year, and for the first time on August 20, 1999. Interest accruing on these amounts up to, and including March 31, 1999, shall be paid on the payment dates as specified in Article 4, Paragraph 5 of the bilateral Agreement dated March 10, 1994, Article 4, Paragraph 3 of the bilateral Agreement dated January 12, 1995 and Article 4, Paragraph 3 of the bilateral Agreement dated November 14, 1995.

In case of delayed payment of any maturity foreseen in Articles 1, 2, 4 and 5 hereabove, late interest shall be charged at the rate according to Article 8 Paragraph 2, increased by 0,25% per annum.

The provisions of the present Agreement will apply under the circumstances set out in paragraph V.1 of the Agreement signed in Paris on April 29, 1996. Any determination that these circumstances are not prevailing shall be made on a multilateral basis within the framework of the Agreement signed in Paris on April 29, 1996.

1. The payments foreseen under the present Agreement shall be made in freely available Swiss Francs to a Swiss bank which is to be specified.

2. In case any amount within this Agreement falls due on a day which is not a banking business day in the Russian Federation, Switzerland and/or the United States of America, such an amount shall be payable in Switzerland on the next succeeding banking business day and the interest shall run accordingly.

3. Each payment by the Government of the Russian Federation under this Agreement shall be made without deduction or withholding for or on account of

(i) any present or future taxes of any nature whatsoever imposed by or within the Russian Federation or any political subdivision or taxing authority thereof or therein or

(ii) any banking fees or charges in respect of such payment imposed outside Switzerland.

1. The payment obligation of the Government of the Russian Federation under this Agreement substitutes the payment obligation of the original debtors (including obligations with respect to late interest). Rights and obligations of individual creditors and debtors under the original contracts not amended by this Agreement remain unaffected.

2. For as long as this Agreement remains in force, the parties agree that (except as otherwise provided) all terms and conditions of this Agreement will supersede the corresponding terms and conditions otherwise applicable to each of the amounts subject to reorganization, including the terms and conditions set forth in previous rescheduling agreements, from the earlier of its previously scheduled due date and April 1, 1999.

The Government of the Russian Federation undertakes to grant Switzerland a treatment at least as favourable as the one granted to any third country for the reorganisation of debts at comparable terms, other than with respect to provisions relating to interest.

The present Agreement shall enter into force on the date of its signature. In witness whereof the undersigned plenipotentiaries, duly authorized, have signed the present Agreement.

Done in two originals in English in Berne, on January 30th 1997.

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