Russia’s finance ministry said on Thursday it had met its obligations on two dollar-denominated eurobond issues “in full” by sending 12.51 billion rubles ($234.5 million) in coupon payments to the National Settlement Depository (NSD).
The ministry said the payments were made on Eurobonds due in 2027 and 2047.
“Thus, the service obligations of state bonds of the Russian Federation have been fully fulfilled by the Ministry of Finance,” the ministry said in a statement.
President Vladimir Putin on Wednesday signed a decree to establish temporary procedures aimed at meeting Russia’s foreign debt obligations as the country teeters on the brink of default.
The ministry said it was transitioning to the procedure established by Putin’s decree, whereby funds will be disbursed in rubles to the NSD before being distributed to bondholders in stages, depending on the amount of red tape due to sanctions applicable to each. investor.
Eurobond holders whose property rights are contained in the Russian financial system will be paid in rubles, while the portfolios of investors to whom funds cannot be transferred due to sanctions imposed on Moscow will be credited to a special ruble account at the NSD.
“In order to ensure strict compliance with the Eurobond obligations assumed by the Russian Federation, the funds in this account will be indexed to the current exchange rate of the nominal currency market until the time of actual agreements with the holders,” the ministry said.
Investors will need to open a ruble account to receive these funds, the ministry said.
Source: CNN Brasil
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