Соглашение между Правительством Российской Федерации и Правительством Швейцарской Конфедерации об урегулировании платежных обязательств Российской Федерации по внешнему долгу бывшего СССР [англ.]

(Вместе со <Списками пересмотра сроков погашения кредита на основе Соглашения о пересмотре условий задолженности развивающихся стран Парижскому клубу от 1 августа 1999 года>)

(Заключено в г. Москве 25.05.2000)

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)

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

acting in accordance with the recommendations of the Agreed Minute signed in Paris on August 1st, 1999 between representatives of certain creditors countries, among which Switzerland, and representatives of the Government of the Russian Federation,

The debts to which this reorganization will apply are the following, to the extent covered by the Declaration acknowledging the debt to Foreign Creditors of the former Soviet Union (FSU), signed by the Government of the Russian Federation in Paris on April 2, 1993 which forms an integral part of the present Agreement:

a) Repayments of principal and interest due as a result of the consolidation or deferral of debts referred to in Article 1, Paragraph 2 and Article 2, Paragraph la) 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 Socialists Republics (USSR) dated March 10, 1994.

b) Repayments of principal and interest due as a result of the consolidation or deferral of debts referred to in Article 2, Paragraph 1b) 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 Socialists Republics (USSR) dated March 10, 1994.

c) Repayments of principal and interest due as a result of the consolidation or deferral of debts referred to in Article 1 and Article 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 Socialists Republics (USSR) dated January 12, 1995.

d) Repayments of principal and interest due as a result of the consolidation or deferral of debts referred to in Article 1 and Article 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 Socialists Republics (USSR) dated November 14, 1995.

e) Payments of interest due as a result of the consolidation or deferral of debts referred to in Article 1 and Article 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 Socialists Republics (USSR) dated January 30, 1997.

The rescheduling under this article shall apply to:

1. 100% of the amounts of principal and interest (including late interest) due as at June 30, 1999 inclusive and not paid and not referred to in Article 3 paragraph 2 below and 100% of the amounts of principal and interest (excluding late interest) due from July 1, 1999 up to December 31, 2000 inclusive and not paid resulting from article 1 paragraph a), c), d) and e) of the present Agreement.

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

- <a id="p100019"></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.

1. 90% of the amounts of principal and interest (excluding late interest) due as at June 30, 1999 inclusive and not paid, and 100% of late interest due as at June 30, 1999 inclusive and not paid, and 90% of the amounts of principal and interest (excluding late interest) due from July 1, 1999 up to December 31, 2000 inclusive and not paid, on debts mentioned in Article 1 paragraph b) above.

The corresponding sums will be repaid in 10 equal and successive semi-annual instalments, the first payment to be made on February 20, 2001 and the final payment to be made on August 20, 2005.

The remaining amounts will be paid no later than July 1, 2000.

2. 76% of the amounts of principal and interest (including late interest) originally due from August 1, 1998 up to December 31, 1998 inclusive and not paid as at June 30, 1999 inclusive, and 100% of late interest due as at June 30, inclusive and not paid, on debts resulting from article 1 paragraph a), c), d) and e) of the present Agreement will be reprofiled. The corresponding sums will be repaid in 10 equal and successive semi-annual instalments, the first payment to be made on February 20, 2001 and the final payment to be made on August 20, 2005.

The remaining amounts will be paid as follow:

• 91% no later than November 30, 1999 (which payment has been made);
• 9% no later than July 1, 2000.

3. It is understood that debt service pursuant to paragraphs 1 and 2 above will not in any case be affected by any further treatment and especially by the agreement referred to in Article 11 below.

4. All other amounts due by the Government of the Russian Federation and not covered by Article 2 and 3 of the present Agreement will be paid on due dates.

The total amount of the maturities to be rescheduled and deferred according to Articles 2 and 3 of the present Agreement is approximately 43 million Swiss francs, of which approximately 36 million Swiss francs are rescheduled and approximately 7 million Swiss francs are deferred. The maturities are detailed in separate lists which form an integral part of the present Agreement. These lists may be modified through mutual written agreement between the parties to the present Agreement.

1 The rate of interest on the financial arrangements covered by the present Agreement is based on the market rate and shall be 4,08% per annum.

2. The Government of the Russian Federation shall guarantee the payment of interest on the individual amounts rescheduled or deferred under the provisions of the present Agreement as follows:

On arrears

As regards amount specified in article 2 and 3 of the present Agreement and due on or before 30.06.99 late interest shall be calculated from the original due date to 30.06.99 at the rate specified in the corresponding former agreements.

On maturities

As regards amounts specified in article 2 and 3 of the present Agreement and due between July 1st, 1999 and December 31st, 2000 rescheduling interest shall be calculated as from the contractual maturity date of such debts at the rate specified in Article 5.1.

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 for each period shall be calculated from but excluding the first day of the period (i.e., February 20 or August 20) to and including the last day of the period (i.e., August 20 or February 20). Interest shall be paid on February 20 and August 20 of each year, as provided under Article 2 and 3 of the present Agreement, for the first time on a date thirty days following the signature of this Agreement with respect to the period ending February 20, 2000.

In case of delayed payments of any maturity foreseen in Articles 2 and 3 hereabove, late interest shall be charged at the rate according to Article 5, increased by 0,25% per annum. This does not in any way constitute the right to defer any payment due.

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 except to the extent that such taxes may be required by Russian law, and if any such taxes are deducted or withheld, such additional amount will be paid simultaneously as may be necessary for the Government of the Swiss Confederation to receive the amount that would have been received if such taxes had not been deducted or withheld; or

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

4. The VNESHECONOMBANK of USSR shall forward a copy of the payment orders to the State Secretariat for Economic Affairs in Berne and the Export Risk Guarantee Office in Zurich.

5. The Government of the Russian Federation shall punctually execute all obligations foreseen in the present Agreement, irrespectively of the objections it could have regarding the supply contract between the Swiss creditors and Russian debtors.

6. The Export Risk Guarantee Office shall provide Vnesheconombank with a notice specifying the amounts to be paid under this Agreement (including the relevant calculations) and providing payment instructions at least thirty days before each due date under this Agreement.

The payment obligation of the Government of the Russian Federation under this Agreement substitutes the payment obligation of the original debtors. Rights and obligations of individual creditors and debtors under the original contracts not amended by this Agreement remain unaffected.

Pursuant to Article IV paragraph 1 and 2 of the Agreed Minutes, signed in Paris on August 1st, 1999, the Government of the Russian Federation commits itself:

1. to seek from all its external creditors, including inter alia other official creditors, financial institutions and suppliers, rescheduling or refinancing arrangements on terms comparable to those set forth in the above mentioned Agreed Minutes for credits of comparable maturity making sure to avoid inequality between different categories of creditors;

2. not to accord any external creditors a treatment more favourable than that accorded to the Government of Switzerland, except for the rate of interest.

1. The provisions of the present Agreement will continue to apply unless the Government of the Russian Federation has not made by November 30, 1999 inclusive all payments due up to that date on debts not consolidated or reprofiled pursuant to Article 1 and Article 2 hereabove and the Chairman of the Paris Club notifies the Government of the Russian Federation that the provisions of the Agreed Minute signed in Paris on August 1st, 1999 have ceased to apply.

2. The provisions will continue to apply until March 31, 2000 inclusive, unless the Government of the Russian Federation ceases to have an appropriate arrangement with the International Monetary Fund and thereafter will continue to apply to December 31st, 2000 inclusive, unless the Government of the Russian Federation has not made on due dates the payments to Switzerland pursuant to the present Agreement and, in either case, the Chairman of the Paris Club notifies the Government of the Russian Federation that the provisions of the Agreed Minute signed in Paris on August 1st, 1999 have ceased to apply.

The Goodwill clause mentioned in Article V paragraph 4 of the PVA signed in Paris on August 1st, 1999 is considered an integral part of the present Agreement.

The present Agreement shall enter into force on the date of its signature by the two Governments.

In witness whereof the undersigned plenipotentiaries, duly authorised, have signed the present Agreement.

Done in two originals in English in Moscow, on the 25th of May, 2000.

RESCHEDULING LISTS BASED ON THE AGREED MINUTE OF THE PARIS CLUB DATED AUGUST 1, 1999

165.6.100 Arrears carried over from Resche- CHF 12006432,86

           dulings 1 to 4 due as per 30 June
           1999

165.6.200 Maturities from 1 July 1999 to 31 CHF 23943284,91

           December 2000 carried over from
           Rescheduling 4

165.6.300 90% arrears carried over from CHF 730840,11 Rescheduling 1 due as at 30 June 1999

165.6.310 10% arrears carried over from CHF 78783,51 Rescheduling 1 due as at 30 June 1999, incl. late interest

165.6.400 90% maturities from 1 July 1999 CHF 2012484,20 to 31 December 2000 carried over from Rescheduling 1

165.6.410 10% maturities from 1 July 1999 CHF 223609,36 to 31 December 2000 carried over from Rescheduling 1

165.6.500 Levelling-up: 76% amounts carried CHF 2788262,17

           over from Rescheduling 2 and 3

165.6.510 Levelling-up: 21,84% amounts CHF 801258,50 carried over from Rescheduling 2 and 3

165.6.520 Levelling-up: 2,16% amounts CHF 79245,35 carried over from Rescheduling 2 and 3

165.6.530 Late interest from 31 December CHF 101299,26 1998 to 30 June 1999 on Lists

           165.6.500, 510 and 520

Grand total: CHF 42765500,23

---