Sberbank redeems Russian depositors' subordinated Eurobonds
The coupon payments were transferred to the NSD in RUB at the CBR exchange rate as at the date of coupon yield payment to be transferred to NSD depositories and other Russian depositories as at October 28, 2022, cutoff time.
The payments complied with paragraph 4 of Presidential Decree of the Russian Federation dated July 5, 2022, No. 430 “About repatriation by residents - participants of foreign economic activity of foreign currency and currency of the Russian Federation”. Russian regulatory requirements covering payments regarding Eurobonds issued by Russian corporations permit the Bank to utilize Russian infrastructure to make payments to holders of Eurobonds.
At the same time, due to Russian regulatory requirements and the Bank’s inclusion in the EU, UK and US blocking sanctions list, there are difficulties with payments to the holders of the Bank’s Eurobonds keeping them in foreign depositories or relying on foreign accounting infrastructure. Sberbank works hard with market participants and Russian regulators to find solutions and make payments to said bondholders. Additional information will be posted on the Bank’s website as relevant approaches are designed.
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