Siluanov says the country has all the funds necessary to pay off foreign debt

Russia has ordered payment on two US dollar bond coupons due on Wednesday, but it is up to Western states, mainly the US, to withdraw the funds from the country's frozen foreign currency accounts and pay bondholders, Russian Finance Minister Anton Siluanov says.

“The possibility or impossibility of fulfilling our obligations in foreign currency does not depend on us, we have the money, we made the payment, now the ball is in America’s court,” the official stated in an interview with RT Arabic. He added that Washington should clarify whether it is possible to make the payments from Russia’s foreign currency accounts.

Russia has to pay $117.2 million on two issues of its sovereign Eurobonds on March 16. The Finance Ministry announced on Monday that it had sent an order to transfer the payment to the international depository and clearing system Euroclear. The depository will then transfer the money to bondholders. The payment order is given in US dollars, but for bondholders to receive the money, it must be withdrawn from frozen Russian foreign currency accounts. But this could be tricky.
Nearly half of Russia’s reserves (around $300 billion) and foreign currency accounts of the Russian Central Bank (Bank of Russia) are frozen amid sanctions that followed the launch of Russia’s military operation in Ukraine last month.

The restrictions have not included formal bans on operations to service Russia’s external debt, but foreign banks may refuse to make payments on them fearing retaliatory US sanctions. Still, according to analysts, if the order in foreign currency is not executed, the sum due will be transferred to bondholders’ accounts in rubles at the exchange rate of the Russian Central Bank on the day of payment.

Despite sanctions making it difficult for Russia to fulfill its obligations, the country intends to do so, according to Siluanov, who insists Russia has all the necessary funds. As the official mentioned earlier, there are no real economic grounds for Russia to default on its debt.

Experts also say that given Russia’s ratio of GDP ($1.65 trillion) to external debt ($478.2 billion), which does not exceed 25%, the country is financially stable, which supports Siluanov’s earlier statement that the West is trying to drag Russia into an “artificial default.”
Russia also has special drawing rights (SDRs) in the International Monetary Fund, which are not subject to sanctions, and analysts say these could also be used to pay its national debt if other measures fail.

https://www.rt.com/business/552061-russia-makes-bond-payment/

naijapower:

Siluanov says the country has all the funds necessary to pay off foreign debt



Despite sanctions making it difficult for Russia to fulfill its obligations, the country intends to do so, according to Siluanov, who insists Russia has all the necessary funds. As the official mentioned earlier, there are no real economic grounds for Russia to default on its debt.

Experts also say that given Russia’s ratio of GDP ($1.65 trillion) to external debt ($478.2 billion), which does not exceed 25%, the country is financially stable, which supports Siluanov’s earlier statement that the West is trying to drag Russia into an “artificial default.”
Russia also has special drawing rights (SDRs) in the International Monetary Fund, which are not subject to sanctions, and analysts say these could also be used to pay its national debt if other measures fail.

https://www.rt.com/business/552061-russia-makes-bond-payment/

this one is bigger than me I am not a financial expats

“The possibility or impossibility of fulfilling our obligations in foreign currency does not depend on us, we have the money, we made the payment, now the ball is in America’s court,” the official stated in an interview with RT Arabic. He added that Washington should clarify whether it is possible to make the payments from Russia’s foreign currency accounts.

Queen to D7; Check!

Experts also say that given Russia’s ratio of GDP ($1.65 trillion) to external debt ($478.2 billion), which does not exceed 25%, the country is financially stable, which supports Siluanov’s earlier statement that the West is trying to drag Russia into an “artificial default.”

Russia's debt is actually smaller than I expected. Meanwhile USA's external debt is bigger than their entire GDP. 20.94 trillion USD to 30 trillion USD debt
Imagine say na USA receive these sanctions wey russia receive. There would've been no hope for their stupid asses

They should stop, no any amount of problem facing Ukraine and Russia can be compared with the hardship in Africa.

There's war here on daily basis from our leaders.

The war is getting boring to me, even Namdi kanu and Sunday igboo was more interested than this noise maker Putin and Biden.

MangekyoAlt:

Russia's debt is actually smaller than I expected. Meanwhile USA's external debt is bigger than their entire GDP. 20.94 trillion USD to 30 trillion USD debt
Imagine say na USA receive these sanctions wey russia receive. There would've been no hope for their stupid asses

The truth is a lot of people do not understand what this war is about, Ukraine just used their head to catch stone for the west...

Russia prepared well

China is bankrolling Russia. Like if you know you know. Share if not.

You can't supposedly make a payment from a frozen asset. It's like owing and then the bank, CBN or EFCC had already frozen your account and you tell your debtor "I have the money and have written a cheque, now it is up to the CBN or EFCC (to unfreeze my account in order for my debt to be made).
Russia is on cheap drugs here.

The US has no obligation to honour the cheque. Russia is the debtor and it must pay. It is due today and it might get worse for them here one out. We talking about $150 billion default nightmare for Russia.

The United States anticipated this and carefully waited for this to happen.

What's worse is the sharp rise interest on the default, foreign assets seizure (already seized via sanctions), political pressure from its own domestic bondholders and being cut off from future bonds. We are talking almost instant chaos in Russia and its economy.

All the US needs to drive the last nail in is to announce that Russia has defaulted

.

To withdraw the money, you'll have to unfreeze the account... Once that is done, Russia's withdrawal of extra needed funds will be on a sharp ghost mode Level...lol

Putin is a real confused comedian, him and his team know nothing about Economics.
The sanctions has affected their sense of reasoning.
US really fucckked Russia up economically , psychologically and financially

https://www.reuters.com/business/finance/russia-rouble-payment-usd-coupons-would-be-sovereign-default-fitch-2022-03-15/

Okay

Experts should analyze this, nairaland experts I mean.

nahr:
Experts should analyze this, nairaland experts I mean.

They are simply telling all their creditors they have more than enough money to service their debts. But US has frozen the money, so dont disturb us. Tell the US to unfreeze it

Russia is right on this one IMO. It's an artificial default.. lol

This guy's level of madness na grade 1.

BTW, Ukraine has accepted to be a neutral state so why prolong the war again?

To withdraw the money, you'll have to unfreeze the account... Once that is done, Russia's withdrawal of extra needed funds will be on a sharp ghost mode Level...lol

Please someone should break it down for me.





Problems for this country don occupy my head

Nawaao

sosanova:

US really fucckked Russia up economically n financially

You didn't read the post. It's obvious.


Back to the topic: Putin really prepare for these guys o

Ok

A

Ah...am I the only one that fail to understand what's up there...this one is bigger than me mehn

You can't supposedly make a payment from a frozen asset. It's like owing and then the bank, CBN or EFCC had already frozen your account but then you tell your debtor "I have the money but can't touch it because it is frozen. However, I have written a cheque, now it is up to the CBN or EFCC (to unfreeze my account in order for my debt to be made) and they should be held responsible if my debt is not cleared."

I don't understand how these Russians think or do things.

They don't want u to access their currency, so use your useless rubles to service your debt

They don't want u to access their currency, so use your useless rubles to service your debt. Is not by force to use someone property