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Edict on the Temporary Procedure for the Performance of Obligations Under Contracts of Bank Account (or Deposit) Expressed in Foreign Currency and Obligations with Regard to Bonds Issued by Foreign Organizations - Russia and the Republics Legal Materials
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Originally from Russia and the Republics Legal Materials - Second Series
Preview Page In addition to the measures provided for by edicts of the President of the Russian Federation of 28 February 2022, No. 79, “On the Application of Special Economic Measures in Connection with Unfriendly Actions of the United States of America and Foreign States and International Organizations Siding with It” and of 1 March 2022, No. 81, “On Additional Temporary Measures of an Economic Character Relating to Ensuring the Financial Stability of the Russian Federation”, and of 5 March 2022, No. 95, “On the Temporary Procedure for the Performance of Obligations to Certain Foreign Creditors”, I decree:
1. To establish that: (a) in the event of the introduction with respect to a Russian credit organization by foreign States and/or international organizations of unfriendly actions committed with respect to the Russian Federation and Russian juridical or natural persons of restrictive measures as a result of which the realization of the rights of demand belonging to this credit organization with regard to contracts of bank account (or deposit) in a foreign currency concluded with a foreign credit organization are de facto impossible (hereinafter – restrictive measures), the Russian credit organization shall have the right to:
suspend until the repeal of the restrictive measures the performance of their obligations with regard to contracts of bank account (or deposit) concluded with clients which are juridical persons, including credit organizations, or individual entrepreneurs (hereinafter – clients) in the part affecting the conducting of operations with monetary means (including the crediting and issuance thereof) received in the respective bank accounts (or deposits) after the entry of the present Edict into force if the said obligations of a Russian credit organization to clients are reflected in the same foreign currency as the obligations with regard to the contracts of bank account (or deposit) which have been concluded between the Russian credit organization and foreign credit organization and with regard to which the realization of rights of demand belonging to the Russian credit organization are impossible as a consequence of the introduction of restrictive measures;
William E. Butler, Emeritus Professor of Comparative Law in the University of London, attached to University College London, is the John Edward Fowler Distinguished Professor of Law at the Dickinson School of Law, Pennsylvania State University, and Founder and Director of The Vinogradoff Institute.
An authority on the legal systems of Russia and former Soviet nations, he is the author, co-author, editor or translator of more than 3,500 books and articles on Russian, Soviet, Kazakhstan, Ukrainian, Uzbekistan, and other Commonwealth of Independent States legal systems. He has acted as Counsel to the EBRD, European Union, World Bank, United Nations, and Department for International Development of the United Kingdom on individual law reform projects.
The recipient of numerous honors for his service to Russian and international law, Professor Butler is Academician of the National Academy of Sciences of Ukraine and the Russian Academy of Natural Sciences, Associate of the International Academy of Comparative Law, and Member of the Russian Academy of Legal Sciences. He has been elected to his fourth term as a member of the Russian International Court of Commercial Arbitration. In 2003 Professor Butler was awarded the G. I. Tunkin Medal by the Russian International Law Association.
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