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Russia pays off dollar debt in rubles for the first time

Russia pays off dollar debt in rubles for the first time

Kremlin leader Vladimir Putin

In total, Russia has 15 international bonds outstanding with a nominal value of about $40 billion.

(Photo: AP)

Moscow Russia is one step closer to defaulting on its national debt: on Wednesday, for the first time, the country made foreign currency bond payments in rubles instead of dollars.

The Ministry of Finance in Moscow confirmed that all obligations have been settled. The payments include $649.2 million for two government bonds maturing in 2022 and 2042. The terms of the contract for the two Russian bonds actually stipulate that the debt is settled in dollars, not rubles.

Rating Agencies Fitch and Standard & Poor’s They made it clear a few weeks ago that they would consider this as a default if the debt was serviced in a currency other than the agreed currency.

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