Russia’s Latest Eurobond Coupons Are Stuck at Euroclear
- Finance Ministry says it met obligations when cash sent to NSD
- After US tightened sanctions, EU hit NSD with penalties
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Russia’s latest sovereign eurobond payments are stuck at a crucial link on their path to foreign investors as tighter US and European Union sanctions drive the Kremlin closer to default.
The funds have been transferred from Russia’s National Settlement Depository to Euroclear Bank SA, but the cash is being held there for compliance reasons, according to a person familiar with the matter, who spoke on condition of anonymity because the details aren’t public.