17:45 - 17.03.2022
March 17, Fineko/abc.az. The Ministry of Finance of Russia executed a payment order for the payment of coupon income for $117.2 million on two issues of Russian eurobonds, sent on 14 March.
ABC.AZ reports that is not yet disclosed in what currency the payment was carried out. Earlier, Finance Minister Anton Siluanov said that Russia will try to repay its obligations in dollars and has enough currency for this. If the US does not make the payment, then the payment will be in rubles. According to Fitch, this will mean default.
Problems with servicing the national debt in foreign currency arose after Western countries froze the gold and foreign exchange reserves of the Russian Federation. According to Finance Ministry’s estimates, about half of all Russia's reserves - $300 bn - have fallen under the restrictions. Because of this, the Ministry of Finance warned that Russia will pay debts to unfriendly countries in rubles at the rate of the Central Bank of the Russian Federation. Rating agency Fitch stated that Russia's payments in rubles would be considered a default. In this case, according to Reuters, speech may be about the first large default on foreign debt since 1917, when the Bolsheviks refused to pay the tsarist debts.
