Russian Finance Minister Anton Siluanov underlined this week that the country will settle the bill in rubles should the dollar transfer fail. But this has led to concerns as for the time being, Russia has managed to avoid default after J P Morgan processed the funds.
Fears of a Russian bond default receded as $117 million in interest charges due this week began to hit international investors, averting a breach which would have infused yet more anxiety into global credit markets.
On Friday, money managers in the United Kingdom, Germany, and the United States announced that they had collected coupon payments on two Russian Eurobonds which were scheduled on Wednesday.
Investors were relieved by the announcement, as it demonstrated that Russia was still capable — and prepared — to pay its foreign obligations amid the sweeping sanctions that have cut Russia off from much of the global banking system.
However, it was just the first in a set of tests of Russia's capacity to c...
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