MOSCOW, April 6 — Russia said today it had been forced to make foreign debt payments on dollar-denominated bonds in rubles, in a new blow to its efforts to avoid a sovereign default amid unprecedented Western sanctions over the Ukraine conflict.
Today, the United States and EU were readying new sanctions after Ukrainian President Volodymyr Zelensky showed the UN Security Council harrowing images of violence. “In order to fulfil the state debt obligations of the Russian Federation,” the finance ministry said it “was forced to attract a Russian financial institution to make the necessary payments.”The United States from yesterday barred Russia from making debt payments using funds held at American banks, ramping up the economic pain in Moscow.
Russia missed payments on domestic, ruble-denominated debt in 1998 amid a broader financial crisis, but last defaulted on its foreign currency debt in 1918, when Bolshevik revolution leader Vladimir Lenin refused to recognise the obligations of the deposed tsar’s regime. The sanctions also sparked an exodus from Russia of hundreds of foreign companies, which have mothballed their subsidiaries in Russia or announced full pullouts.
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