The decision to make the payments in dollars marked a reversal for the Kremlin, whose officials previously indicated they would cover the debt in Russian rubles.
Russia’s Finance Ministry said it made a $564.8 million payment on a 2022 on a dollar-denominated bond said to mature this year and an $84.4 million payment on another bond set to mature in 2042.
In a statement earlier this month, Moody’s noted the use of rubles “represents a change in payment terms relative to the original bond contracts and therefore may be considered a default” unless Russia rectified the situation within a 30-day grace period ending on May 4. Russia has not defaulted on its foreign debt since the Bolshevik revolution of 1917, according to Reuters. The country’s last default of any kind occurred in 1998.REUTERSon multiple occasions since the Ukraine war began in late February.
Russia has responded with economic penalties of its own — including a requirement that so-called “unfriendly” nations in Europe pay for Russian energy in rubles.
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