Russia claimed on Thursday that it had fulfilled a critical interest rate payment on two dollar-denominated bonds, potentially avoiding a historic debt default.
claimed on Thursday that it had fulfilled a critical interest rate payment on two dollar-denominated bonds, potentially avoiding a historic debt default.
Russia has grasped for a way to soften the blow: the central bank more than doubled its key interest rate to 20% in early March after some banks were removed from the Swift financial system and the West froze a significant portion of its currency reserves. He said Russia has to pay coupons on its eurobonds and has already asked Western banks to proceed with the transactions.
Others, however, argue that paying dollar-denominated bonds in rubles constitutes a default. It is unclear whether Russia will be viewed as defaulting on its debt if it pays in rubles. Siluanov accused Western nations of orchestrating the sanctions with the intention of creating a default that "has no real economic grounds."GET FOX BUSINESS ON THE GO BY CLICKING HERE
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