Russia looks set to meet another deadline for debt payments on Wednesday after tapping its domestic foreign currency reserves to avert a historic sovereign default.
On April 4, Russia made a payment on two sovereign bonds due to mature in 2022 and 2042 in the local currency rather than in dollars as mandated under the terms of its contract.
Russia on Friday tapped its domestic foreign currency reserves to make the two overdue payments, potentially averting a first foreign debt default since 1917.tapping its domestic foreign currency reservesThe U.S. Office of Foreign Assets Control, the department at the Treasury that administers and enforces economic and trade sanctions, received the payments from Moscow last week.
that at least one international clearinghouse had processed payments for $650 million in coupon and principal payments on eurobonds maturing in 2022 and 2042., but it is unclear whether they will reach their intended recipients before the deadline. A spokeswoman for Citibank declined to comment. Stay informed during the severe weather season with our local news and weather app. Get the NBC 5 Chicago app for
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