Russia to Halt Bond Sales, Threatens Legal Action Over Default
- Finance minister blames sanctions for bond-payment issues
- Russia’s credit grade cut to ‘selective default’ at S&P
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Russia will halt bond sales for the rest of the year and take legal action if sanctions force it into a default on its debt, according to the country’s finance minister.
Anton Siluanov’s comments in Russian newspaper Izvestia come days after the government breached the terms on two bonds by paying investors rubles instead of dollars, and its credit grade at S&P Global Ratings was cut to ‘selective default.’