Russia today assured that it had repaid one first installment of bond interestremoving for the time being the possibility of a payment suspension, at a time when its assets abroad have been frozen due to Western sanctions.
“The order to pay interest on bonds (…) worth a total of 117.2 million dollars (…) was executed,” the Russian Finance Ministry said in a statement, adding that the amount was sent to a “foreign bank” on March 14.
Moscow had until March 16 to pay $ 117 million, the first in a series of payments that expire in March-April.
In response to the Russian invasion of Ukraine, the share of Russian reserves abroad, about $ 300 billion, has been frozen as part of sanctions imposed by Western countries.
These sanctions could lead to Moscow failing to repay its debt, and so Russia will fall into arrears.
Western sanctions have paralyzed part of Russia’s banking and financial system and caused the ruble to collapse.
Arrears cut a country off from markets and undermine its return to them for many years.
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