Bloomberg: Russia is hours away from default
Russia is ‘hours away’ from default in appearance, debt agency writes Bloomberg with reference to the conditions specified in the promissory notes. In accordance with the grace period for paying interest on Eurobonds in the amount of $100 million, it starts today, June 26.
If investors don’t receive the money by the deadline, there will be a “default event” on Monday morning, writes Bloomberg. As an international agency for Russia, it will be the first default in appearance in the last hundred years.
On May 27, the Ministry of Finance announced that the National Settlement Depository carried out issued on bonds of freelance bonded loans maturing in 2026 and 2036. Payments were made for $71.25 million and €26.5 million. On May 30, Finance Minister Anton Siluanov announced that Russia would settle accounts with holders of Russian Eurobonds using a mechanism similar to the scheme for calculating Russian gas in rubles.
On June 23, Russia carried out coupon payments on the issue of dollars of Russian Eurobonds in rubles – these are the issues Russia-2027 and Russia-2047. 12.51 billion rubles were paid. ($ 234.85 million). Russian Finance Minister Anton Siluanov refuses to consider default the consumption paid on public debt in foreign currency.
In the new order of payments on Eurobonds – in the material “Kommersant” “External debt is calculated at the internal rate.”
More news in Telegram channel “Kommersant”.