Article 12 Foreign Exchange Provisions and Transfer of Funds

Article 12
Foreign Exchange Provisions and Transfer of Funds

(1) The Russian Federation shall apply to the exchange, import and purchase of foreign currency its national regulations in a non-discriminatory manner. In case of procedures in currencies other than Euro, the amount shall be converted into Euro using the exchange rate method mentioned in the Cooperation Programme document.

(2) The Russian Federation shall undertake measures to facilitate any beneficiary or contractor, in its own territory, where applicable, to:

(a) Receive funds provided under the financial contribution of the Russian Federation and under the financial contribution of the ENI for the purposes of the Cooperation Programme and open specific bank accounts, including accounts in Euro;

(b) Make payments as per procurement or subsidy contract requirements for the implementation of all activities necessary for the implementation of the project, including the possibility of the lead beneficiary to redistribute the grant amount to the other beneficiaries;

If the measures undertaken cannot facilitate a beneficiary or contractor to implement the actions under points (a) to (c) of this paragraph, the Parties shall hold consultations.

(3) The Commission shall encourage the participating countries to take similar measures as set out in paragraphs 1 and 2 of this Article.

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