Russia will pay foreign bondholders roubles instead of dollars. A default looks likely after a 30-day grace period. Many investors may prefer to take losses today and sell, writes pierrebri
Russia’s finance ministry said on April 6 that it was forced to pay roubles to holders of its dollar-denominated Eurobonds maturing in 2022 and 2042 as a foreign bank had refused to process an order to pay $649 million to holders of its sovereign debt.
The finance ministry said the foreign bank also did not process payment of a Eurobond maturing in 2022. The U.S. government earlier this week stopped Russia from paying holders of its sovereign debt more than $600 million from frozen reserves held at U.S. banks, saying Moscow had to choose between draining its dollar reserves at home or default.FILE PHOTO: A reflection of a yearly chart of U.S. dollars and Russian roubles are seen on rouble notes in this photo illustration taken in Warsaw November 7, 2014.
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