The non-payment of debt obligations in dollars on April 4 will start a grace period of 30 days, after which there will be a default, which will cut off Russia, which is already cut off from the financial markets.
Russia's Finance Ministry was unable to pay in Eurobonds in dollars, and the payment made in rubles was not accepted by a foreign correspondent bank, which actually triggers the default mechanism of the aggressor country . The Russian news agency Interfax reports about an unsuccessful attempt to make a payment in rubles.
It is noted. that the Ministry of Finance transferred in rubles payments on Eurobonds “Russia-2022” and “Russia-2042” on April 4.
“Russia's Finance Ministry informs that a foreign correspondent bank has refused to execute orders to pay coupon income and repay the nominal value of Russia's foreign bonds,” the agency quoted the ministry as saying on April 6.
At the same time, the agency is trying to justify this fiasco by saying that allegedly the Russian Finance Ministry was forced to pay in rubles against the US ban to use frozen foreign exchange reserves to service foreign debt.
However, as you know, this initiative was announced by the United States only on April 5.
While on March 29 on the official website of the RF Ministry of Finance it was reported that The payment will be made in the currency of the Russian Federation at the official exchange rate of the Bank of Russia.
put the Russian Federation before the choice between depletion of reserves and default .
“Russia does not have unlimited resources, especially now, given the destructive sanctions we have imposed. They will have to choose between depleting the remaining valuable dollar reserves, gaining new income or defaulting. Most of our goal here is to deplete the resources we have. Putin (Russian President Vladimir Putin – Ed.) to continue his war against Ukraine … It will be harder for him to wage war in the long run, “said White House spokeswoman Jen Psaki.
Read also: Russian banks have begun to repay their obligations on domestic bonds in rubles, not dollars and euros
Recall the pre-default situation in Russia has developed already as of March 16 , when preliminary payments on external debt were made. Given the sanctions, experts doubted that Russia would be able to make these payments in dollars. However, at the last minute, Russia found the necessary amount and made payments in dollars.
At the same time, experts postponed the possible default of the country on April 4, calling future payments unlikely. after which there will be a default , which will cut off Russia, which is already cut off from the financial markets, until the end of litigation and payments.
