rtify the right to purchase goods in high demand at retail prices in trade outlets. The said bonds are not legal tender.
8. The RSFSR Ministry of Finance and the RSFSR Ministry of Agriculture and Food will, until 1 September 1990, print and put into circulation through the branches of the RSFSR State Bank Urozhay-90 bonds for a total amount of 10 billion roubles. The bonds are to be used before 1 October 1991.
9. To establish that Urozhay-90 bonds are issued by the branches of the RSFSR State Bank:
- to all producers who sold standard products to the State between 1 July 1990 and 30 June 1991... in an amount equivalent to 10% of the value of the products sold...
...
13. The Russian Consumers' Association is to submit to the RSFSR Ministry for Foreign Economic Relations requests for those goods in high demand which are to be sold on production of the Urozhay-90 bonds, and organise their sale, on advance orders by citizens and organisations, at regional fairs and exhibitions and in specialised trade outlets. The Consumers' Associations is to deliver goods to the consumers on the basis of the Urozhay-90 bonds no later than 1 January 1990 [sic]. In 1991 orders under the said bonds will be executed within two months."
27. On 15 March 1992 the Russian Government issued Resolution No. 161, intended to compensate the owners of Urozhay-90 bonds for an increase in retail prices. It resolved, in particular:
"1. To establish that passenger cars and other consumer goods which are made available to citizens as a reward for the grain and other agricultural produce that was sold to the State in 1990 and 1991 are to be sold at the retail prices that prevailed before 2 January 1992...
2. To extend the period of validity of the Urozhay-90 bonds until the end of 1992..."
28. On 10 August 1992 the Government adopted Resolution No. 1442-r. It required the Russian ministries to allocate substantial amounts for the purchase of goods that were to be sold on production of the Urozhay-90 bonds. It further provided:
"4. The Ministry for Trade and Material Resources, in cooperation with the Central Consumers' Union, shall define, within two weeks, the list of goods intended for the implementation of the Urozhay-90 bonds...
5. The Prices Committee of the Ministry of the Economy shall determine the increase in prices of domestic and imported goods since 1990... The price difference shall be reimbursed from the republican budget.
6. The Ministry of Agriculture shall carry out an inventory of bonds held by agricultural enterprises and organisations and private individuals as on 1 September.
7. The Ministry of Finance and the Ministry of Agriculture shall, within two weeks, lay down the procedure for the buyout of the Urozhay-90 bonds through the branches of the Savings Bank. It is to be taken into account that these bonds may be either used for purchasing goods or bought out by the State with a coefficient of 10."
29. On 16 April 1994 the Government approved Regulation No. 344 on State commodity bonds, which provided as follows:
"With a view to redeeming the State commodity bonds and preventing accrual of the State's liability to compensate for price differences, the Government of the Russian Federation resolves:
1. The Ministry of Finance of the Russian Federation -
- will buy out... the Urozhay-90 bonds at a price equivalent to their nominal value multiplied by 70 and credit that amount into a bank account..."
30. On 1 June 1995 the Commodity Bonds Act (No. 86-FZ, ФЗ "О государственных долговых товарных обязательствах") was enacted. It provided that State commodity bonds, including Urozhay-90 bonds, would be recognised as part of the internal State debt of the Russian Federation (section 1). The obligations arising out of the commodity bonds would be settled in
> 1 ... 2 3 4 5 ... 12 13 14