Russian authorities will consider obligations under Eurobonds fulfilled if payments are made in rubles.
Russian President Vladimir Putin has signed a decree on a new interim procedure for fulfilling Russia’s foreign currency debt obligations. Now the payment will be made in rubles. It was learned on Tuesday, June 22nd.
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The National Settlement Depository (NSD), where international penalties were previously imposed, will open a type “I” ruble account in the name of foreign deposits for payments to holders of Russian Eurobonds. The procedure for determining the amount shall be established by the RF Ministry of Finance.
“The permission or instructions of foreign deposits are not required for the central deposit to conduct operations on“ I ”type accounts,” Putin’s decree said.
Russian authorities will consider obligations under Eurobonds fulfilled if payments are made in rubles in an amount “equal to the value of foreign currency obligations and calculated at the foreign exchange rate generated in domestic foreign exchange market of the Russian Federation. on the day on which the Russian Federation pays the central depository. “
Earlier, Russian Finance Minister Anton Siluanov said the country would pay its external debts in rubles, and proposed to carry out the conversion at the cost of gold and foreign exchange reserves that were frozen due to sanctions.
And at the end of May, the U.S. Treasury announced that it would no longer renew its license to service Russia’s foreign debt. As a result, the Ministry of Finance of the Russian Federation will not be able to send money to holders of international bonds. Thus, the technical default of the Russian Federation could occur as early as the end of July.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.