CBR amendment heralds the revival of USD-denominated subordinated Eurobonds

On 28 April 2012, the Central Bank of the Russian Federation (the "CBR") passed Instruction No. 2809-Y (the "New Instruction") "On amending the Provision of the CBR No. 215-P". The New Instruction, which is due to enter into force on 1 July 2012, disapplies paragraph 1.1 of article 269 of the Russian Tax Code, which provided a limitation on the interest rate payable on foreign currency-denominated subordinated debt (6.4 per cent. effective at the time of writing).

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