Belarus decided to redeem Eurobonds with its own rubles

Following RUSSIA, it was decided in Belarus to pay off the external debt in the national currency. The reason for such measures in MINSK was the lack of guarantees that

Belarus will service external debts in its national currency. The decision was adopted by the government and the NATIONAL BANK, BelTA informs.

“Execution of debt obligations on government securities placed on foreign financial markets will be carried out in Belarusian rubles at the rate of the National Bank on the date of payment,” the press service of the government said.

At the same time, the government called this decision a necessary measure, since neither the paying agent nor other participants in the international settlement and clearing system can guarantee the completeness and timeliness of the transfer of funds to all Eurobond holders.

The government noted that facts have already been recorded when individual holders of Eurobonds did not receive the amount of coupon income that was transferred by the Ministry of Finance of Belarus.

Putin signed a decree on the payment of Russia's foreign currency debt in rubles Economics

On June 22, President Vladimir Putin signed a decree that establishes a new temporary procedure for payments on Eurobonds in rubles.

BLOOMBERG reported that on the night of June 27, Russia defaulted on sovereign foreign currency debt for the first time since 1918. Default is the default of the debtor to pay the debt. The declaration of default by the state reduces its credit ratings - it becomes difficult or impossible for the country to attract new loans, as a result, the limited infusion of external capital hinders the development of the economy.

The international rating agency Moody's came to the conclusion that a technical default had taken place.

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The Kremlin did not agree with this assessment of events. According to Russian presidential spokesman Dmitry Peskov, allegations of a default are “absolutely unjustified,” as the Eurobond payment was made in May. “And the fact that Euroclear withheld this money, did not bring it to the recipients, this is no longer our problem. That is, there is no reason to call the situation a default,” said the press secretary of the HEAD of state.