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Russia skirts nearer default after dollar payment blocked

By Bloomberg News

06 Apr 2022 · 2 min read

Russia slipped closer to a technical default after foreign banks declined to process about $650 million of dollar payments on its bonds, forcing it to offer rubles instead.

While the finance ministry said that it "considers it fulfilled its obligations in full," neither of the securities involved allowed payment in rubles, according to bond documents. Both notes have a 30-day grace period, data compiled by Bloomberg show.

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