Article author:
Reuters
Russia defaulted on Monday For the first time in more than a century, an external debt was incurred and the investor was instructed to go to a western financial institution, but the bondholder did not receive it.
The White House said on Monday that Russia had defaulted on international bonds for the first time since the Bolshevik Revolution, as full sanctions effectively separated the country from the global financial system. Said.
Until last week, Russia continued to pay eurobonds in foreign currencies according to issuance conditions, but with the dollar and dollars made in May prior to the major US exemptions permitting such transactions. Investors who did not reach the euro coupon transfer.
"The default statement is absolutely unjustified," Kremlin spokesman Dmitry Peskov called reporters on Monday, pointing out the payment of forex coupons in May.
"The fact that Euroclear withheld this money and did not bring it to the recipient is not our problem. There is no reason to call such a situation the default."
Euroclear did not immediately respond to the request for comment.
On Monday, the Treasury said, "The behavior of foreign financial intermediaries is beyond the control of the Russian Treasury," and speaks directly to those who are refraining from paying foreign bondholders. I asked.
"The non-receipt of money by the investor occurred not due to underpayment, but due to the actions of a third party. This is not directly explained as the default situation by the issuance document. "Hmm," the ministry added.
Last week, Moscow forex in the ruble as the US exemption expired and the European Union approved the Russian version of the Euroclear and Clearstream Western Clearinghouses, the National Settlement Depository (NSD). I paid the following coupons at.
President Vladimir Putin last week ordered that debt be considered fulfilled if a ruble payment equal to the amount paid for foreign exchange was made. Bondholders need to open an account in a Russian bank to receive payments.
Moscow does not prevent payments from being converted to foreign exchange and remittances abroad, but investors need to say in writing that there are no charges against Russia, the ministry said. The bank has not been announced yet.
'Financial Nuclear Bombs'
A group of seven major Western nations is Russia's so-called February special military operation in Ukraine.
Some Western politicians have called for seizure of frozen reserves to rebuild Ukraine.
"By announcing defaults, they can claim that sanctions are working. Economically, financial assets can be legally confiscated." Stated.
Peskoff reiterated on Monday that reserves were "illegally" blocked and attempts to use them were "equivalent to a complete theft."
"I think a financial nuclear bomb was used against us. Russia's deputy finance minister, Alexei Moiseev, said last week in human history that no country has been as pressured as Russia in sanctions. No, "he said.
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