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Allegations of Russia’s default on overseas debt are unfounded, Kremlin’s official spokesman Dmitry Peskov stated.
Russia made the sufficient fee in Could, the Kremlin spokesman stated. The truth that the funds weren’t delivered to recipients is “not our drawback,” he added.
In line with Bloomberg, Russia skilled a default on sovereign debt in overseas foreign money for the primary time since 1918. The grace interval to pay obligations on authorities bonds within the quantity of about $100 million expired on Could 26.
On the identical time, the default is symbolic in nature and means little for Russia’s residents, Bloomberg added in its report. The issue just isn’t associated to the shortage of funds to repay the debt. It occurred for technical causes as a result of affect of sanctions.
In late Could, the USA terminated the license, below which Russia serviced its public debt in US {dollars}. It excluded funds for servicing a part of the nation’s sovereign debt from anti-Russian restrictions. On June 22, Russian President Vladimir Putin signed a decree permitting the fee of exterior public debt in rubles.
Russia’s Ministry of Finance has made two coupon funds in accordance with the brand new settlement process. Finance Minister Anton Siluanov careworn that such a measure was linked with the refusal of overseas counterparties to execute greenback funds.
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