Соглашение между Правительством Российской Федерации и Правительством Турецкой Республики о погашении невыплаченного долга Российской Федерации по Соглашению о консолидации официального долга бывшего Советского Союза по кредитным соглашениям, продленным турецким Эксимбанком Внешэкономбанку [англ.]

(Заключено в г. Москве 30.12.2005)

AGREEMENT BETWEEN THE GOVERNMENT OF THE RUSSIAN FEDERATION AND THE GOVERNMENT OF THE REPUBLIC OF TURKEY ON THE SETTLEMENT OF THE OUTSTANDING INDEBTEDNESS OF THE RUSSIAN FEDERATION UNDER THE DEBT RESCHEDULING AGREEMENT FOR THE SETTLEMENT OF THE OFFICIAL INDEBTEDNESS OF THE FORMER SOVIET UNION UNDER THE CREDIT AGREEMENTS EXTENDED BY TURK EXIMBANK TO VNESHECONOMBANK

Preamble

The Government of the Russian Federation (hereinafter referred to as the «Russian Party») and the Government of the Republic of Turkey (hereinafter referred to as the «Turkish Party») (collectively hereinafter referred to as the «Parties») aiming to resolve the outstanding financial issues related to the indebtedness of the Russian Federation under the Debt Rescheduling Agreement for the Settlement of the Official Indebtedness of the former Soviet Union under the Credit Agreements Extended by Turk Eximbank to Vnesheconombank of December 15, 1995 signed between the Government of the Russian Federation and the Government of the Republic of Turkey (hereinafter referred to as the «1995 Intergovernmental Agreement»), and desiring to further develop trade, financial and economic relations between two countries,

1. The debts to which the provisions of the present Agreement shall apply (hereinafter referred to as the «Treated Amounts») are the following:

1.1. the outstanding principal under the 1995 Intergovernmental Agreement in the total amount of 251,466,807.72 US Dollars;

1.2. the outstanding contractual interest accrued under the 1995 Intergovernmental Agreement as at the date of signing of the present Agreement.

2. The sum of the Treated Amounts indicated in clause 1 of the present Article shall constitute the Consolidated Amount.

3. No late interest or penalty charges shall be accrued, due and payable on the Consolidated Amount from the original maturity dates up to the date of its full and final repayment in accordance with the Article II of the present Agreement.

1. The total indebtedness in respect of amounts indicated in Article I of the present Agreement shall be repaid and settled not later than the 31st of December, 2005 by one instalment in the total amount of 251,466,807.72 US Dollars.

2. Repayment provided for in clause 1 of the present Article shall be deemed, and is expressly agreed by the Parties to constitute, full and final satisfaction and discharge of all liabilities under the 1995 Intergovernmental Agreement. The Government of the Republic of Turkey confirms that starting from the date of receipt of the payment indicated in clause 1 of the present Article there shall be no further claims on the Government of the Russian Federation under the 1995 Intergovernmental Agreement.

3. If the Russian Party fails to effect repayment of the Consolidated Amount in accordance with the terms and conditions stipulated in clause 1 of the present Article the appropriate interest (contractual and late interest) shall be accrued on the amount indicated in clause 1 of the present Article from the original maturity dates up to the date of repayment of this amount in accordance with the provisions of the 1995 Intergovernmental Agreement.

4. In case the Russian Party fails to effect repayment of the Consolidated Amount due to the fact that the Turkish Party failed to complete all relevant internal procedures for entry into force of the present Agreement then the Russian Party shall fulfil its repayment obligations within 20 (twenty) calendar days from the date of receipt of the notification from the Government of the Republic of Turkey provided for in clause 5 of Article IV of the present Agreement.

For the purpose of the present Agreement the Bank for Foreign Economic Affairs of the USSR (hereinafter referred to as «Vnesheconombank») shall be considered as the authorized agent of the Russian Party and the Export-Import Bank of the Republic of Turkey (hereinafter referred to as «EXIMBANK») shall be considered as the authorized agent of the Turkish Party. Technical procedures of accounting and repayment of the debt settled under the present Agreement shall be determined by a respective Interbank Agreement to be concluded on the principles agreed hereunder between Vnesheconombank and the EXIMBANK.

1. All notices or other communications to be made under and in connection with the present Agreement shall be in the English language.

2. The provisions of the present Agreement will apply to the Treated Amounts regardless of the payment mechanisms provided for in the original credit agreements and/or in 1995 Intergovernmental Agreement.

3. If there is any conflict between the present Agreement and any prior agreements (including agreed minutes or documents of similar nature) by and between the Parties, the present Agreement shall prevail.

4. Any amendment or dispute to the provisions of the present Agreement shall be effected/solved in writing by the mutual consent of the Parties.

5. The present Agreement shall come into force from the later of (i) the date of receipt of a notice by the Government of the Russian Federation from the Government of the Republic of Turkey or (ii) the date of receipt of a notice by the Government of the Republic of Turkey from the Government of the Russian Federation of the completion of all relevant internal procedures for entry into force of the present Agreement.

Done in Moscow, on 30 December 2005, in two originals in English, both texts being equally authentic.

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