(Bloomberg) The Russian Ministry of Finance said that a US$117 million interest payment on two dollar bonds had been made to its foreign correspondent bank amid growing speculation that the country is heading for default.
The ministry said it will comment separately later on whether the payment was paid to Citibank in London, Russia's Eurobond payment agent.
Russia had until the end of Wednesday's trading day to pay the coupons for the two bonds. If it does not do so within the grace period, it would be the first time that the nation has breached its obligations to foreign creditors since the Bolsheviks ignored the tsar's debts, in 1918.
Finance Minister Anton Siluanov has repeatedly warned that, without access to its foreign exchange reserves, Russia will make the payment in rubles, describing a process that involves transferring cash to local accounts. Fitch Ratings said Tuesday that making a payment in any currency other than the dollar within the grace period would be considered default. S&P Global Ratings made a similar statement this month.
Original Note:
Russia Says Eurobond Coupon Paid to Correspondent Bank (Correct)
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