Investors breathed a sigh of relief last week after the Russian government made a $117 million interest payment on its foreign debt. But a much bigger...
Investors breathed a sigh of relief last week after the Russian government made a $117 million interest payment on its foreign debt. But a much bigger payment comes due April 4 — to the tune of $2.2 billion — and creditors are far less optimistic Russia will pony up this time.
The bond payment last week panicked investors because it was unclear whether Russia’s central bank would be able to able to use its frozen reserve of US dollars to make the payment — and whether US banks would work with the country to transfer the money. There was also a dispute about whether Russia could pay the debt in its own currency. The Russian Finance Ministry insisted the country could pay in rubles RUBUSD but people with knowledge of the contract say it’s required to be paid in dollars.
“If they’re making payments with funds they can’t access otherwise, it’s basically funny money,” said Newman, who spent 15 years recovering $2.4 billion in debt from Argentina after it defaulted. “But once they have to scrape cash together and choose to pay bonds over buying guns and food, that’s a harder decision.”
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