Russia adopts subsidy rules for Gazprom perpetual bond coupons

MOSCOW, Dec 31 (PRIME) -- The Russian government has adopted the rules of subsidies on coupon payments to Gazprom’s perpetual bond holders, ordering to take the subsidies into account during dividend calculation, according to the documents seen by PRIME late on Wednesday.

The federal budget subsidies shall be paid if the issuer unilaterally refuses to pay coupons.

The document covers only the Gazprom bonds, whose issue and refusal to pay interest, were agreed with the government.

"…while forming the dividend position of a shareholder, the Russian Federation, …, the amount of subsidies provided shall be taken into account besides the minimum dividends stipulated by the government to raise the dividend income of federal budget subsequently by no less than the subsidies increased by the bond coupon, which the issuer decided not to pay unilaterally," the document read.

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