With default looming, payment was yet to be received as of Monday afternoon in Europe
A grace period to transfer $650 million in coupon and principal payments expires on May 4 after the funds were initially blocked in early April. Russia’s first foreign debt default in more than a century had looked all but certain until a shock announcement late last week by the Russian Finance Ministry that the cash was finally moving through the financial system.
The complications are the result of wide-ranging financial and economic penalties imposed on Russia after it invaded Ukraine. They include sanctions on some of the nation’s biggest lenders, asset seizures, and a freeze on the country’s foreign reserves.Article content
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