Views Article – Sharenet Wealth

News, North America

Russia’s VEB development bank pays Eurobond coupons in roubles

May 23 (Reuters) – Russia’s state development bank VEB on Monday said it had channeled coupon payouts on its dollar-denominated Eurobond in roubles because it could not transfer funds in foreign currency.

VEB said it has fully paid the equivalent of $68.2 million in roubles on two Eurobond series issued by its VEB Finance arm.

Russia’s ability to service its debt is in focus as the country faces the prospect of sovereign default after Western capitals imposed sweeping sanctions in the wake of what Moscow calls a “special operation” in Ukraine, which started on Feb. 24. (Reporting by Reuters Editing by David Goodman )

© 2019 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. "Reuters" and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.