Russia’s finance ministry announced today that it had been forced to pay ruble holders of US dollar-denominated Eurobonds maturing in 2022 and 2042 as a foreign bank refused to process a $ 649.2 million payment order to debt holders. 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.
THE Moscow may consider allowing foreign holders of Eurobonds 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 to repay its debt has come to the fore after massive Western sanctions in response to Russian invasion of Ukraine.
The sanctions have led to the freezing of almost half of state reserves and have dramatically reduced Moscow’s access to global payment systems.
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