If you have invested in Russian Federation Eurobonds, the first thing you need to do is check whether the security for which you want to receive a payment is included in the list of securities for which NKO AO NSD makes payments.

If you held Russian Federation Eurobonds on the record date specified in the list, the payment is made under the new procedure established by the Decree of the President of the Russian Federation dated 09 September 2023 No. 665 (hereinafter — the Decree).

Please note that the list of holders of Russian Federation Eurobonds and of persons exercising rights under these securities is determined either at the end of the third business day before the payment date for the securities, or earlier in accordance with the procedure established by the issue documentation.

If you held Eurobonds but the obligation due date fell before 22.06.2022, such payments are not included in the list, as they are not covered by the Decree. Obligations under such Russian Federation Eurobonds were fulfilled in accordance with the procedure provided for by the issue documentation of the relevant issues of securities, and you should contact your depository / broker for clarification.

If you cannot find a payment in the list and the obligation due date has not yet arrived, you should wait for that date to arrive and check the list again.

Next you need to check whether a Russian depository is involved in the custody chain for your securities.

You can obtain this information from the broker through which the securities were purchased, or from your depository.

1. If your Eurobonds are recorded with NSD or with a Russian depository that has an account opened with a foreign depository for recording rights to Eurobonds, funds in rubles will be delivered to you in accordance with the procedure provided for in Article 8.7 of Federal Law No. 39-FZ dated 22 April 1996 "On the Securities Market", i.e. by so-called "cascade payments".
   
   If you belong to this group of investors, payments will continue to arrive as before, in rubles. You do not need to provide any applications or additional documents to NSD, and steps 3-7 do not apply in this case. You can track incoming funds as before, for example in your broker's online account.
   
   Payments will be made in rubles at the rate set by the Bank of Russia on the payment date established by the issue documentation.
   
   If you do not receive a payment from the Russian depository within the established period, you need to contact your depository for clarification.

2. If your Eurobonds are recorded with a foreign depository without the involvement of a Russian depository, then to receive a payment your title to the security must be confirmed. NSD acts as the paying agent for these payments, so to receive a payment you need to submit an application and the required documents to NSD.
   
   Until title is confirmed, funds for payments will be credited by NSD to a special account (type "I" account), from which they will subsequently be paid to you.

• If you submitted applications in respect of a payment made before 15 September 2023 by 07 November 2023, and your application was approved before 21 November 2023, funds in that account will be indexed at the prevailing market rate of the currency of denomination until settlement with holders is actually made. Such a payment is made in rubles;

• If you submitted applications in respect of a payment made before 15 September 2023 after 07 November 2023, and your application is approved, the payment will be made after 15 December 2023 at the expense of funds in the foreign currency in which the obligations under Russian Federation Eurobonds are denominated and held in NSD's accounts with a foreign depository;

• If you submitted applications in respect of a payment made on or after 16 September 2023 within 60 days after the scheduled interest payment date, and your application is approved by the 90th day after the payment date, such payment will be made on the 91st day after the payment date in rubles at the rate on the date of such payment;

• If you submitted applications in respect of a payment made on or after 16 September 2023 more than 60 days after the scheduled interest payment date, and your application is approved, the payment will be made at the expense of funds in the foreign currency in which the obligations under Russian Federation Eurobonds are denominated and held in NSD's accounts with a foreign depository;
  
  You can find more details about the payment scheme in the General Information section.

The payment procedure and indexation are determined by the Decree and the Ministry of Finance.

Under the new payment procedure, NSD sends requests to foreign depositories in order to obtain from them lists of Eurobond holders. Contact your broker or depository and find out whether the foreign depository has disclosed information about you in response to NSD's request. This determines which set of documents you will need to provide to NSD in order to receive payments — the full set or a reduced set.

The full List of documents provided by holders of Russian Federation Eurobonds to NKO AO NSD (whether or not the List of the foreign depository is provided) is published on the NSD website at this link.

• If you applied through the online form on the website, we will send you by return email the list of documents you need to submit.

Please note — the deadlines for submitting documents in order to receive payments on Russian Federation Eurobonds are currently not limited by law. However, the currency and the payment procedure will depend on when you provide the documents.

In view of the substitution that took place under Decree of the President of the Russian Federation dated 08 August 2024 No. 677 "On Additional Measures for Fulfilling State Debt Obligations of the Russian Federation Expressed in State Securities with a Nominal Value Denominated in Foreign Currency before Residents and Foreign Creditors" (hereinafter Presidential Decree 677), simultaneous receipt of payment on substituted and substituting Eurobonds is not permitted, since in the event of the holder's participation in the above-mentioned substitution, substituting Eurobonds were credited to the holder, while rights to the substituted Eurobonds, including the right to claim income payment on them, were transferred (assigned) to the Issuer in accordance with Presidential Decree 677, as a result of which the holder lost the right to receive income payment on the substituted Eurobonds from the Issuer.

Document verification takes up to 10 business days from the receipt of the complete set of documents.

If, following the verification, the set is approved, NSD will make payments in rubles within 3 business days at the rate set by the Bank of Russia on the date the funds are credited.

If the foreign depository provides NSD with information about you and the Eurobonds you own, the payment will be sent to your bank account specified in the foreign depository's disclosure.

If the foreign depository does not provide NSD with information about you and the Eurobonds you own, the payment will be sent to the details you specify in your payment application. Payments may be made only to a ruble account opened in your name.

If, following the verification, the set is approved but the payment must be made in foreign currency, you will need to contact the foreign depository, the details of which NSD will provide to you. A license from a foreign regulator may be required.

Important information: NSD's obligations to make a payment in foreign currency are deemed duly performed from the moment the central depository, by a method available to it, submits to the foreign depository an instruction to transfer funds in foreign currency from its account with the foreign depository in favor of the holder of Russian Federation Eurobonds.

Following the entry into force of Order of the Ministry of Finance of the Russian Federation No. 285 dated 23 June 2023 "On Amendments to the List of Documents Confirming the Rights of Holders of State Securities of the Russian Federation with a Nominal Value Denominated in Foreign Currency, approved by Order of the Ministry of Finance of the Russian Federation dated 24 June 2022 No. 245 'On Approval of the List of Documents Confirming the Rights of Holders of State Securities of the Russian Federation with a Nominal Value Denominated in Foreign Currency'", you may submit an Application for reconsideration of the set of documents for which NSD previously had to refuse a payment. In this case, box 22 of the Application must contain a mark indicating that the documents were already provided to NSD previously.

Before submitting the Application, please make sure that the documents you submitted earlier comply with NSD's requirements for the document set.

The full List of documents provided by holders of Russian Federation Eurobonds to NKO AO NSD (whether or not the List of the foreign depository is provided) is published on the NSD website.

If you applied through the online form on the website, we will send you by return email the list of documents you need to submit.