Focus now shifts to May 27, when payments are due on a dollar-denominated bond issued in 2016, and a euro-denominated bond issued in 2021. Payment falls after the May 25 expiry of a temporary license issued by the U.S. Office of Foreign Assets Control (OFAC), which permits transactions related to Russian sovereign debt payments.
The EMEA Credit Derivatives Determinations Committee said on Friday it shut the case investigating whether credit default swaps would be paid to holders of Russian debt after Russia paid its obligations. Russia last week kept away from a default, declaring it had paid almost $650 million it owed in coupons and principal to holders of two bonds, in front of a grace period expiry on May 4. The payments had initially been made in rubles, possibly breaking the agreement, which triggered the opening of the CDS case.
Russian payments of its foreign sovereign debt have become an issue after Moscow’s invasion of Ukraine all but cut it from the international bank settling network. About half of its $600 billion in reserves is also frozen.
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