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.
