News

Russia Averts Default After Investors Receive Foreign-Debt Payments

Caitlin Ostroff, Alexander Gladstone  |  March 23, 2022

"Russia made good on payments to foreign bondholders, according to investors and traders, averting default on its foreign debt in the face of the war in Ukraine and punishing Western sanctions.

Holders of two Russian dollar bonds said coupon payments arrived Thursday, a day late, but well within the 30-day grace period granted under the terms of the bonds.

"The bond payments are a sign that exceptions the West put into sanctions to allow certain transactions, including for debt payments and energy, are working in some cases. Still, financial institutions are reluctant to touch Russian money without strong assurances that what they are doing is legal, leading to delays and confusion."

Subscription Required

Read the full article on: Wall Street Journal

 
 
comments powered by Disqus