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Russia Slams Default Threat as ‘Farce,’ Pays Interest in Rubles

  • Ministry pays ruble equivalent of $235m under new rules
  • Siluanov says inability to transfer FX is ‘force majeure’
Updated on

Russia said international sanctions have created a “force-majeure” situation that’s forced it to switch to servicing its eurobonds in rubles in a bid to avoid a default.

Finance Minister Anton Siluanov likened the government’s predicament to a “farce,” in which it has the money and the intention of paying, but its hard currency can’t pass through the international settlement system due to sanctions over the invasion of Ukraine.