Ministry of Finance initiated dollar payments to creditors in order to avoid default

The Russian Ministry of Finance sent a payment order for the payment of a coupon on sovereign Eurobonds denominated in dollars.

“On March 14, 2022, a payment order was sent to the correspondent bank on the payment of coupon income on bonds of external bonded loans of the Russian Federation maturing in 2023<...> and 2043,” the Ministry of Finance said.

According to the department, the amount of interest payments should be $117.2 million. The Ministry of Finance asked to bring the money to investors on March 15 - a day ahead of the deadline specified in the issuance documentation.

The London branch of the American Citibank is the paying agent for these Eurobonds in London, and the New York branch of Citibank, respectively, in New York. RBC sent a request to the press service of Citibank.