VIK LEGAL has successfully assisted foreign individual investors in obtaining full repayments under Sberbank's Eurobond Repayment Program in respect of Eurobonds issued by SB Capital S.A. (ISIN XS0935311240 and ISIN XS0848530977) and held through foreign depositaries.
Against the background of international sanctions and related restrictions under Russian legislation, traditional payment channels for certain Eurobond holders have been disrupted. Sberbank established a special procedure allowing payments under the relevant Eurobonds to be made directly to eligible holders whose rights to the Eurobonds are recorded through foreign depositaries and who have been identified in accordance with the procedure published by Sberbank.
VIK LEGAL provided comprehensive legal assistance to the clients throughout the repayment process. Our work included analyzing the applicable requirements, preparing and coordinating the required documentation, addressing complex proof-of-holding, notarization and apostille requirements, and liaising with Sberbank to resolve procedural and documentary issues.
Following the successful completion of the identification and application procedures, our clients received the Eurobond payments in full.
This matter highlights VIK LEGAL's expertise in assisting foreign investors with complex cross-border financial and securities matters and navigating the legal and documentary requirements applicable to Eurobond repayment procedures involving Russian financial institutions.