MOSCOW, June 23 (Reuters) – The Russian finance ministry said it had fulfilled its obligations on two issues; of dollar-denominated Eurobonds by sending 12.51 billion roubles ($234.5 million) in coupon payments to the National Settlement Depository.
The ministry said the payments were on Eurobonds maturing in 2027 and 2047 .
President Vladimir Putin signed a decree on Wednesday to establish temporary procedures aimed at; fulfilling Russia’s foreign debt obligations as the country teeters on the brink of default.
The ministry said it was transitioning to the procedure established by Putin’s decree. Whereby funds will be disburse in roubles to the NSD before being distribute to three groups of bondholders in stages; depending on the amount of sanctions red tape applicable to each investor.
Eurobond holders whose ownership rights are contain within Russia’s financial system will be paid in roubles, while the holdings of investors to whom funds cannot be transfer due to sanctions impose on Moscow will be credit to a special rouble account at the NSD.
Investors will need to open a rouble account to receive those funds, the ministry said.
“Permission to transfer the receive roubles or the obtained foreign currency abroad will be in due course.”
Asked whether the new scheme would allow Russia to make the case that no default had occurred, Siluanov said: “Everyone will still say what they want to say.”