Russia to pay roubles on Eurobonds, finance minister says

Russia will pay roubles on its Eurobonds that can be later converted into foreign currency at the exchange rate on the day of payment, Finance Minister Anton Siluanov said on Thursday.

Russia will pay roubles on its Eurobonds that can be later converted into foreign currency at the exchange rate on the day of payment, Finance Minister Anton Siluanov said on Thursday. Russia's failure to send an interest payment to creditors in foreign currency is triggering a payout on debt insurance, taking the country another step closer to its first default on international bonds since the Bolshevik revolution more than a century ago.

Siluanov also said Russia will use up to 4 trillion roubles ($71 billion) from its rainy-day National Wealth Fund to reduce the budget deficit in 2022 and may consider restarting borrowing on the domestic market. ($1 = 56.7000 roubles)