Russia has defaulted on its foreign debt because it offered bondholders payments in rubles, not dollars, credit ratings agency S&P has said.
to pay back certain investors in dollars. But the U.S. Treasury has since blocked the country from accessing its reserves at
American banks, part of its effort to ramp up pressure on Russian President Vladimir Putin and further diminish his war chest. JPMorgan estimates that Russia had about $40 billion of foreign currency debt at the end of last year, with about half of that held by foreign investors."We will sue, because we undertook all necessary action so that investors would receive their payments," Finance Minister Anton Siluanov told pro-Kremlin Izvestia newspaper on Monday.
"We will show the court proof of our payments, to confirm our efforts to pay in rubles, just as we did in foreign currency. It won't be a simple process," he added. He did not say who Russia planned to sue. Kremlin spokesperson Dmitry Peskov said in a press conference last week that any default would be "artificial" because Russia has the dollars to pay — it just can't access them.Russia has gone to great lengths to
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