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. Last Updated: 07/27/2016

Bank Rossiisky Kredit to Pay Creditors

The Moscow arbitration court accepted an amicable agreement submitted by Rossiisky Kredit?s creditors on Tuesday.

The Agency for Restructuring Credit Organizations, or ARKO, and the bank circulated a statement saying that clients whose balances do not exceed 30,000 rubles ($1,100) will be able to receive their money a week after submitting an application.

Clients whose accounts held more than 30,000 rubles will receive that amount in cash and the rest in veksels with a maturity of up to 1 1/2 years.

Legal entities will receive their money in 10 years, while the government is slated to receive its funds in six years.

ARKO will issue the bank a loan to bridge the gap that is likely to arise when the payments start.

Earlier this month, a New York court issued an injunction that grants the bank provisional immunity from lawsuits in the United States.

The bank?s assets were valued at between $200 million and $300 million, according to earlier estimates.