Russia Plays Brain Paying Debt Due June 2022

AllvertaGlobal – Russian Finance Minister Anton Siluanov said his party was preparing a new mechanism to pay off foreign debts that matured in June 2022.

Citing Reuters on Monday (30/5), Siluanov said the debt was denominated in US dollars. However, he did not say for sure how much debt must be paid in June 2022.

On the same occasion, he said that the Russian government is targeting revenues from oil and gas to reach 1 trillion rubles or US$15.27 billion this year. Later, the funds will be used to improve social welfare.

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Previously, Russia accelerated debt payments of US$99.26 million or Rp1.44 trillion (assuming an exchange rate of Rp14,600 per US dollar) on Friday (20/5) or a week before the due date in order to prevent defaults.

Russia’s Ministry of Finance said it had transferred US$71.25 million or Rp1.04 trillion for payment of US dollar-denominated eurobond coupons due in 2026 and 26.5 million euros or US$28 million (Rp408.8 billion) due in 2036.

Meanwhile, some parties had previously projected that Russia would fail to pay since the US and Europe imposed economic sanctions for attacking Ukraine on February 24, 2022.

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