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Siluanov Carves Out New Eurobond Payment Channel

RUSSIA
  • More details have emerged on a possible payment method with which Russia can meet its Eurobond debt obligations following the expiration of their US General Licence 9A. In an interview with Vedomosti, finance minister Siluanov explained that Russia is constructing a payment channel that would work in the opposite direction as their current method for receiving gas payments.
  • Siluanov explained in the interview “This is how it works for gas payments: we get foreign currency, then it is converted to rubles. The Eurobond settlement mechanism will operate in the same way, but in the opposite direction.”
  • During negotiations on Sunday, EU nations failed to reach unanimity in their approach to Russian sanctions, with Hungary refusing to back a compromised deal, according to sources. Diplomats are set to meet again today, with the source adding that a deal remains possible over the next few days. So far, the proposals detail a ban on seaborne oil from Russia by early 2023, while imports via the Druzhba pipeline would come into effect at a later date.
  • The CDDC (CDS Panel) on Friday held their meeting concerning a request for clarity on whether credit default swaps on Russian debt should be triggered if Russia pay the principal on sovereign debt, but fail to pay interest on the bonds during any grace period. The group postponed the announcement of any judgement to tomorrow.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
EM BulletHomepagemarkets-real-timeBulletEmerging Market News
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
EM BulletHomepagemarkets-real-timeBulletEmerging Market News

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