The United States does not extend the powers under which Russia serviced the public debt
US Treasury reported, which will not renew Parliament No. 9C, according to which holders of Russian government bonds could receive payments from Russia in dollars. The license will expire on May 25 at 07:01 Moscow time.
Russia received a gene license to service the sovereign dollar attracted before March 1, 2022, March 2. According to it, the Ministry of Finance and the Central Bank held meetings necessary for broad holders of holders of Russian government bonds received in dollars. The expiration of the license will mean that Russia cannot hold back its dollar-denominated papers around the world, in other currencies, at least in the US.
In March, Russia several times paid interest in foreign currency on bonds of foreign loans. On April 6, Russia paid off its Eurobonds in rubles for the first time. On May 27, the Ministry of Finance of the Russian Federation must pay payments on mandatory loans, we are talking about Eurobonds with release in 2026 and 2036 (71.25 million dollars and 26.5 million euros), the payment was made in advance, on May 20, in foreign currency. According to Bloomberg, the probability of payment on Eurobonds should take place on June 23, these are dollar bonds with the option of an alternative payment in euros, pounds food or Swiss francs. On June 24, the US dollar is expected to be paid without an alternative. The agency calculated that in total, by the end of 2022, Russia owes about $1 billion in coupon payments.
US Treasury Secretary Janet Yellen said earlier that if Russia declares a technical default, this will not significantly change the situation in the country, since Russia has already “sobered up capital from the world market” due to the exclusion. Russian Finance Minister Anton Siluanov said that Russia has money and the state does not intend to default. According to him, the country is ready to pay off its external debt in rubles if the free one, which allows servicing it in dollars, does not last. Fitch warns that it regards the payment in rubles as a default on government bonds.
Read more about the threat of default in the material “Kommersant” “The threat of infection to default”.
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