FILE PHOTO: The building of the Ministry of Finance of the Russian Federation on Ilyinka Street in Moscow. © Sputnik / Kirill Kallinikov
RT: Russia makes payment on sovereign debt
According to the country’s settlement depository, Moscow fulfilled its obligations on Friday
Russia’s Finance Ministry announced on Friday it has settled two issues of dollar-denominated Eurobonds “in full” by sending 17 billion rubles ($221.1 million) in coupon payments to the National Settlement Depository (NSD).
According to the ministry, the payments were on Eurobonds maturing in 2030.
“Thus, obligations on servicing the state securities of the Russian Federation were fulfilled by the Finance Ministry in full,” the statement said.
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WNU Editor: Russia's current foreign currency reserves are around $580 billion (link here). That is more than enough to cover debt payments for the foreseeable future.
In the meantime, the current media narrative is that Russia's economy is on the verge of collapse .... Putin’s Russia Is Going Broke Fast. Here’s Why. (New Republic).
On a side note. I asked one of my closest contacts (she is a senior executive at UBS and a good friend) on what would be the consequences to the Western banking system in its current fragile state if Russia defaults on its debt obligations.
Her answer was .... we would immediately find ourselves in a financial/banking crisis.
Wow!
I guess that explains why all the talk in 2022 from Western governments and its leaders to force Russia into default has all but disappeared since the start of the current banking crisis with the collapse of Credit Suisse and a number of major US banks.