Is Russia essentially defaulting on foreign debt? New decree allows monthly debt payments over 96k USD to foreign entities to be paid in rubles at a r

[sharon sanders]

Russian source.

Right now - on the world market - 10 million rubles is worth about 96K USD.

On Thursday February 24, 10 million rubles was worth about 118k USD.

(updated: 00:56 03/06/2022)
17893

Putin signed a decree on obligations to foreign creditors
Putin signed a decree allowing companies to pay debts to foreign creditors in rubles



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MOSCOW, March 5 - RIA Novosti. Russian President Vladimir Putin signed a decree "On the temporary procedure for fulfilling obligations to certain foreign creditors," which allows the repayment of debts in rubles.


"Russian President Vladimir Putin signed a decree "On the temporary procedure for fulfilling obligations to certain foreign creditors," the Kremlin's press service said.


The document defines a temporary procedure for paying debts of constituent entities of the Federation, municipalities and residents that have obligations to foreign creditors that are residents of those countries that have imposed sanctions against Russia.

This procedure applies to obligations in the amount of 10 million rubles per month or in the amount exceeding the equivalent of this amount in foreign currency at the official exchange rate of the Bank of Russia, established on the 1st day of each month.

more...

zhttps://ria.ru/20220305/ukaz-1776856599.html

 

[sharon sanders]

Russian source.



Russian companies are now allowed to pay foreign creditors in rubles

Putin approves pay procedures to Russian firms’ foreign creditors

zhttps://www.rt.com/business/551345-russia-pay-foreign-creditors-rubles/

 

[sharon sanders]

Pro-West source.

Scrambling to avert Russian default, Putin allows ruble payments to creditors

BY
IRENE GARCÍA PÉREZ
AND
BLOOMBERG
March 6, 2022 9:30 AM EST

snip

Russia has $117 million worth of coupons on dollar bonds coming due on March 16 that don’t have the option to be paid in rubles, the JPM strategists said.

https://fortune.com/2022/03/06/putin-aims-to-avert-defaults-with-ruble-payment-to-creditors/

 

[sharon sanders]

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[sharon sanders]

Russian source.

A denial of default....all debts to be paid in rubles



MOSCOW, March 11 - RIA Novosti. In Russia, there are no conditions for a default, said presidential spokesman Dmitry Peskov.


"We heard the statement of our heads of financial departments, the Ministry of Finance and so on about the readiness and availability of the necessary margin of safety to pay all external debts in rubles.In fact, as such, there are no conditions for a default, unless they are created and imputed to us artificially" , - he said.


At the same time, he stressed that the country has a margin of safety to pay all external debts in rubles.

zhttps://ria.ru/20220311/defolt-1777649190.html

 

[sharon sanders]

Russian source

(updated: 03/13/2022 07:19 PM)
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Siluanov told how long Russia will pay the public debt in rubles
Siluanov said that Russia will pay the public debt in rubles until the unblocking of gold reserves



PETROPAVLOVSK-KAMCHATSKY, March 13 - RIA Novosti. Russia does not refuse obligations on the state debt and will pay it in rubles until Western countries unfreeze their gold and foreign exchange reserves, Finance Minister Anton Siluanov said .

According to him, in such a situation, it is "absolutely fair."

"Our gold and foreign exchange reserves, including the National Wealth Fund, are frozen. We have problems fulfilling our obligations, including debt," he explained in an interview with Pavel Zarubin in the Moscow. Kremlin. Putin program on the Rossiya 1 channel.

more...

zhttps://ria.ru/20220313/gosdolg-1777927750.html

 

[sharon sanders]

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