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* At a meeting of the Government of the Russian Federation on 03/23/2022, President Vladimir Putin declared to transfer payments for natural gas supplied to unfriendly countries to Russian rubles, thus refusing to use other currencies in such settlements.

Russia will continue to supply natural gas in accordance with volumes and prices,

according to pricing principles fixed in previously signed contracts. The changes will affect only the payment currency, which will be changed to Russian rubles.

At the same time, all foreign consumers will be given the opportunity to perform the necessary operations, understandable and transparent procedure for making payments will be created for them, including the purchase of Russian rubles on the Russian domestic foreign exchange market.

* The President of Russia signed a decree "On additional temporary economic measures to ensure the financial stability of the Russian Federation in the field of currency regulation" due to unfriendly actions of the United States of America and foreign states and international organizations that have joined them. The decree establishes:

- The powers of the Bank of Russia to determine the limit of the amount of transactions with non-residents.

- A temporary ban until December 31, 2022 on carrying out operations without obtaining permits from the Central Bank of the Russian Federation for payment by a resident of a share, deposit, share in property (authorized or pooled capital, cooperative unit fund) of a non–resident legal entity.

- A temporary ban until December 31, 2022 on implementing operations without obtaining permits from the Central Bank of the Russian Federation for a contribution by a resident to a non-resident under simple partnership agreement with investing in the form of capital investments (a joint activity agreements).

- Until September 1, 2022, obligations in foreign currency under agreements between sanctioned credit institutions and their clients - Russian legal entities, are recognized as fulfilled in settlements in rubles in an equivalent amount at the official exchange rate of the Bank of Russia on the day of fulfillment of obligations.

* The government of the Russian Federation has formed another package of proposals in order to support the economy:

- The State Duma adopted a law on tax incentives for the transfer of business to "Russian offshore zones" on the islands of Oktyabrsky in Kaliningrad and Russky in Vladivostok. Also, in order to protect Russian business from sanctions, allowed young companies and personal funds to register in them.
- Companies which work in the electric power industry will be able to complete or put new facilities into operation later than planned without fines and penalties.
- The Russian Industry and Trade Ministry and steelmakers have agreed to move away from pegging domestic prices to the London Metal Exchange and calculate them in rubles, Russian Industry and Trade Minister Denis Manturov told.
- Proposals have been prepared for import substitution of in-demand medicines and medical products so that Russian citizens have the opportunity to purchase the necessary medicines, despite the sanctions.
- Companies will be allowed to build a new enterprise in one region, and conclude a guarantee purchase agreement in another.

* The world's largest agricultural companies, including giants such as Cargill Inc., Bayer AG and Archer Daniels Midland Co., continue to sell seeds to Russian farmers and trade Russian grain. Some pharmaceutical companies, for example, Johnson & Johnson and AmerisourceBergen Corp., which have stopped investing money in new projects in Russia, but continue to sell individual drugs and conduct clinical trials.

* The Russian government is introducing additional state support measures for companies engaged in container shipping along the Northern Sea Route. Domestic shipping companies that have completed at least two round trips during the year will be able to count on special subsidies. In the conditions of external anti-Russian sanctions that have caused disruptions in international container transportation, it is extremely important not to stop the active development of the Northern Sea Route.

* The government of the Russian Federation may decide to declare a moratorium on bankruptcy this week. During the moratorium, creditors have no right to initiate bankruptcy of debtors, but debtors are not limited in the ability to initiate a case on their own insolvency or to abandon the moratorium.

IGK Group – Credit risk management. IGK AG subsidiaries operate in Latvia, Lithuania, Estonia, Kazakhstan, Ukraine
and Russia: in Moscow, St-Petersburg, Samara, Tambov, Nizhny Novgorod, Chelyabinsk, Perm.

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