A major Russian steel company is on the verge of default after Citigroup froze its debt payment.
Citigroup did not immediately respond to a FOX Business request for comment, but a person familiar with the matter told Bloomberg that the bank halted the payment so that it could get permission from the U.S. Office of Foreign Assets Control before remitting the cash. Neither the firm nor its controlling shareholder are sanctioned by the U.S.
"This is an extraordinary situation for us," CEO Alexander Shevelev told Bloomberg News. "We continue consultations with partners and do our best to ensure that bondholders receive funds in accordance with the terms of the bond issue. I hope that this injustice will be resolved soon and the rights of bondholders will be respected."
Alexey Mordashov, chairman of the board of directors of Severstal, attends the St. Petersburg International Economic Forum in Russia on June 7, 2019.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Scope of Western sanctions surprised Moscow, Russian foreign minister saysRussian Foreign Minister Sergey Lavrov said that no one 'could have pictured' the scale of Western sanctions on Moscow.
Lire la suite »
The ‘deglobalization’ of MoscowOn a typical sunny day in Moscow, Stoleshnikov Lane teems with wealthy shoppers. But these days, most of the stores along Stoleshnikov are closed. A walk down two streets shows how life has changed in Russia’s capital.
Lire la suite »
Live updates: Bulgaria to recall its ambassador to MoscowBulgaria’s prime minister says his country will recall its ambassador to Moscow for consultations in response to a succession of statements by Russia’s ambassador that have deeply offended Bulgaria’s government
Lire la suite »
Big Law lawyers in Moscow feel 'attacked from two sides'Insider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Lire la suite »