Russia’s finance ministry said today that it had to pay in US dollar-denominated Eurobond holders maturing in 2022 and 2042 as a foreign bank refused to process a $ 649.2 million payment order to its holders. debt, as reported by Reuters.
The Ministry of Finance announced that the foreign bank, whose name was not announced, rejected the payment order of Russia in the debt coupons and also did not process the payment in the nominal value of the Eurobond that matures in 2022.
Moscow may consider allowing foreigners of Eurobond holders to convert payments into foreign currency once Russia restores access to forex accounts, according to the country’s finance ministry.
Russia’s ability to continue repaying its debt has come to the fore after massive Western sanctions in response to the Russian invasion of Ukraine. Sanctions have frozen almost half of state reserves and dramatically reduced Moscow’s access to global payment systems.
Source: Capital
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