The head of OAO Rosneft, Russia’s largest oil producer, denied the company’s bond sale last week spurred the ruble’s collapse to a record low.
In the wake of the record 625-billion ruble bond issue, speculation has built that Rosneft will use the proceeds to help repay U.S. dollars to foreign creditors, contributing to a decline in the currency in the past week. The company must repay a loan of almost $7 billion by Sunday.
