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Russia Readies New Bond-Payment Plan in Bid to Avoid Default

  • Eurobond proposal would mirror EU payments for Russian gas
  • $100 million of coupons due Friday have yet to trickle through
Updated on

Russia is planning a bond-payment mechanism to sidestep US sanctions and a potential default as a grace period ticks down on its latest missed coupons.

The proposal would allow foreign investors to open accounts in Russian banks in both rubles and hard currency, Finance Minister Anton Siluanov said in an interview with the Vedomosti newspaper. Unlike the previous payment system, investors will be able to access the funds without restriction, he was cited as saying.