It ended up paying Russia $117 million in interest due Wednesday on two lines of dollar-denominated bonds it issued to avoid a default announcement. But the problem will remain throughout the year as the Russian Treasury has another $5.6 billion in principal and interest to pay.
Reuters quoted Finance Minister Anton Siluanov as saying that the Russian Treasury processed the payments through a US bank and that “the ball is now in the court” of the US authorities by lending to investors’ accounts. Siluanov, a fluent German-speaking Muscovite, eventually chose not to confront foreign creditors. In the end, you didn’t choose one of the two options I announced last week: pay in Chinese currency (the yuan) that you hold in frozen currencies, or pay in overvalued rubles.
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