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Russia Kick-Starts World’s Most Anticipated Bond Coupon Payments

  • Finance Ministry didn’t specify if payment will be in dollars
  • If settled in rubles, it may put nation on course for default
Updated on

Russia has started the payment process of two bond coupons due this week in what has become the most closely watched debt settlement since the energy-rich nation invaded Ukraine.

The Finance Ministry issued an order to pay Eurobond holders $117 million, although it didn’t specify if the payment is in dollars -- the currency they were issued in -- or rubles. Finance Minister Anton Siluanov has said repeatedly that the nation will ultimately pay in rubles if sanctions imposed on Russia don’t allow dollar settlements.