17. 2. 2023

We have received a draft debt recognition agreement from the loan provider Kviku, which is another condition for the Russian authorities to agree to send payments to “not friendly countries”. Under this agreement, it would be possible to send funds from the Russian Federation to pay for buybacks. We are now analyzing the content of the agreement and trying to negotiate the most favorable terms for investors.

Once the agreement is concluded, Kviku can start sending payments. Unfortunately, taking into account the limits on payments to ‘not friendly countries’ set by the Russian Federation and the distribution of the ratio of creditors from these countries, this will be a monthly payment of EUR 1 000 to 2 000. This means, among other things, that unless President Vladimir Putin’s decree changes, the provider will be repaying the debt to the creditors for more than 15 years (NB if the debt were fixed and not further increased by the interest income of the investors). The specific repayment amount will always depend on the current RUB/EUR exchange rate.

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