Russia has staved off a default on its debt by making a last-minute payment using its precious dollar reserves sitting outside the country, US Treasury officials say.
At that time, tightened sanctions imposed for Russia's invasion of Ukraine prevented the payment being accepted, so Moscow attempted to make the debt payment in roubles.The Kremlin, which repeatedly said it was financially able and willing to continue to pay on its debts, had argued that extraordinary events gave it the legal footing to pay in roubles, instead of dollars or euros.
Since the US sanctioned Russia's Central Bank early in the conflict, Russia had only the ability to either use fresh revenues coming from activities such as oil and gas sales, or existing foreign currency reserves outside the country.
Source: Loan Digest (loandigest.net)
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