Page 112 - RusRPTAug22

Depository (under EU sanctions since June 2022).
No consent from the foreign depository institution is required to open such an account, and the presence of a representative of the foreign depository institution is not necessary.
According to the Decree, the obligation of the Russian Federation “is deemed to be fulfilled” of the date when the payment is made in Russian rubles to the type “I” account opened at the National Settlement Depository. The amount in rubles will be indexed until the payment is actually made to the bondholder’s personal account. However, the indexation procedure has not yet been established. For now, it is still unclear whether the foreign bondholders would be entitled to convert rubles into US dollars or euros and transfer the resulting amount freely out of the Russian Federation.
8.5.1 Fixed income - bond news
112 RUSSIA Country Report October 2020 www.intellinews.com