Alrosa reported the timely fulfilment of its Eurobond-2027 obligations in compliance with Russian legislation. The payment of the latest coupon, amounting to $500,000,000, was scheduled for 25th June 2023 but was paid on 26th June 2023 due to the non-business day in the United States and the United Kingdom.
To ensure compliance with Russian regulations, Alrosa transferred funds to JSD NSD (National Settlement Depository) on 30th June 2023, as per the requirements outlined in the Russian Federation Presidential Decrees No. 95 and No. 430. The transferred funds will be further distributed to Eurobond holders whose rights are registered within the Russian depository infrastructure. The list of Eurobond holders was compiled on 23rd June 2023, the business day preceding the payment due date. The Coupon payment was made in Russian Roubles, following the procedure defined by the Decision of the Bank of Russia Board of Directors on 23rd December 2022.
However, Alrosa faces challenges in fulfilling the Eurobond coupon payment obligations for holders registered in foreign depository infrastructure. Sanctions imposed on the company have rendered the technical execution of these payments impossible. Notably, holders whose rights are recorded through systems such as Euroclear, Clearstream, and DTC are affected by these limitations.