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The European Energy Fund will have the legal capacity to operate on Russian territory under the jurisdiction applicable to the Caspian Energy System as member of Federal Industrial and Financial Union for the Implementation of Presidential Programs.The Collateral Depository System is the custodian department ofthe European Energy Fund to be administrated under the jurisdiction applicable to the Caspian Energy System from such locations where the Fund as its independent legal capacity to conduct international transactions.Clean and clear Eurocurrencies from non-criminal origin will be physically received with all necessary documents by the Collateral Depository System for the purpose of registration of contractual amounts into the custodian account open for the economic benefit of Bank of Russia.A Convention on Operation Account will be signed between Bank of Russia and the European Energy Fund for the purpose of operating the monetary channel for Roubles issued from foreign currencies deposits for economic and social programs in the Russian Federation.A specific agreement will be signed for the purpose of appointing the Federal Industrial and Financial Union for the Implementation of Presidential Programs to act as fiduciary of the European Energy Fund in receiving the concerned amounts of Roubles in its account with Bank of Russia.The European Energy Fund will issue of 30 years Monetary Certificates for the benefit of the Federal Industrial and Financial Union for the Implementation of Presidential Programs from cash deposits registered with the local branch ofthe Collateral Depository System through the.Monetary Certificates will be transferred to the economic benefit of Bank of Russia to cause the Russian Monetary Authority to issue and to deposit in the Operation Account an amount of Roubles equivalent to the arnount of foreign currencies deposited under the Monetary Certificates.
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