Russia announces start of sovereign Eurobonds replacementRussia has been paying coupons on its Eurobonds in roubles after Western sanctions made it impossible to make payments in Western currencies.
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A signboard of a Russian bank
Reuters
Moscow: Russia on Friday announced it was starting to replace sovereign Eurobonds with substitute bonds through an offer applying to all Eurobond holders as of the end of business hours on Sept. 12.
Russia has been paying coupons on its Eurobonds in roubles after Western sanctions made it impossible to make payments in Western currencies.
The replacement bonds will be issued through Russian financial infrastructure with all related payments in roubles. Analysts have estimated the total value of sovereign substitute bonds at $20-$25 billion.