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Russia Makes First OFZ Coupon Payment But Technical Default Risks Linger

  • Russia’s MOEX remains closed today again. Markets remain concerned about the increasing probability of technical default as the CBR struggles to pay its OFZ coupons to foreign investors following global sanctions on its payment systems.
  • The CBR made yesterday’s RUB 11bn payment, but the concern is its willingness to make future payments.
  • Ratings agencies have warned of impending downgrades due to fiscal pressures from sanctions and falling activity, but united the greatest credit impact was due to US sanctions on CBR reserves.
MNI London Bureau | +44 020-3983-7894 |
MNI London Bureau | +44 020-3983-7894 |

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