State External Debt Claims

The state external debt claims registered with VEB.RF comprise liabilities of foreign borrowers under credits granted by the Russian Federation. Substantially all of these claims by their nature qualify as export credits and are connected with the supplies of Russian industrial goods and services abroad.

In the capacity of an agent of the Government of the Russian Federation for the management of state external debt claims , VEB.RF effects :

• record keeping, utilization, servicing and repayment of state credits granted by the Russian Federation to foreign borrowers;

• expertise of draft intergovernmental agreements regarding the granting of state credits by the Russian Federation to foreign borrowers or settlement of debt under the state credits granted by the Russian Federation to foreign borrowers;

• preparation of interbank documents setting out the technical procedure for record keeping and settlements under intergovernmental agreements regarding the granting of state credits by the Russian Federation to foreign borrowers or settlement of debt under the state credits granted by the Russian Federation to foreign borrowers;

• settlements and accounting of operations in the frame of intergovernmental agreements on the disbursement of the funds received in repayment of debt of the foreign states for financing development projects;

• development of agreements on financing of export supplies of Russian products under the state credits granted by the Russian Federation to foreign borrowers;

• accounting/settlement and providing the expert support to the Ministry’s of Finance of the Russian Federation activity in the sphere of the state external debt claims including the support its activity within the Paris Club and other multilateral fora under sovereign debt settlement issues.

Paris Club

The Paris Club is an informal intergovernmental group of industrialized creditor countries. It is designed to reschedule government or government-guaranteed debt, to provide solutions to debtor countries’ payment problems. The Club started to operate in 1956 when a group of creditors was invited to Paris to conduct negotiations with Argentina, thus a precedent of a Club solution to debt repayment problems was established.

In September 1997, the Russian Government signed in Paris a Memorandum of Understanding, which formalized Russia as a full-member of the Paris Club. Since the Memorandum date Russian debt claims are to acquire the status of debt claims of Paris Club members.

Contacts

On the matters related to supplies of the Russian goods/services being financed by means of the state export credits

+7 (495) 604-64-89

+7 (495) 604-65-65 ext. 62-68