Russia’s sovereign debt bond is being paid to non-residents under Western sanctions, the country’s finance ministry said on Sunday, threatening a $ 10 billion technical deficit.The ministry said it would repay its sovereign debt in full and on time, but that it was based on Western sanctions against Russia over its invasion of Ukraine.
A statement from the Ministry of Finance stated that “the possibility of making such payments to non-residents depends on the restrictions imposed by foreign countries in connection with the Russian Federation.”
If the ministry is unable to pay due to restrictions imposed by the Russian government, payments will be made by March 5, according to a presidential decree.
“From now on, Russia will use the ruble to pay its residents in foreign currency bonds,” he said.
“Payments for such state guarantees issued to residents of the Russian Federation in foreign currency will be made in proportion to the date of payment in Russian currency,” he said.
Earlier on Sunday, Modi (NYSE:) cited Russia’s lending as a second-lowest level of central bank capitalization, which could limit the country’s external debt and lead to a collapse.
“Russia is deeply concerned about Russia’s ability to pay its debts,” Moody said.
The rating agency says the default risks have increased and that foreign bond owners can only recoup part of their investment.
Moody’s and its peers Fitch and S&P Global (NYSE 🙂 have registered Russia at the B3 / BBB investment level since March 1. All three cut their assessments in several stages and sent them to the so-called Russian sovereign debt. “Dirty” territory.
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