Putin signs decree on external debt service as possible default looms
2022.06.22 17:06
Russian President Vladimir Putin chairs a meeting with members of the Security Council via video link in Moscow, Russia June 22, 2022. Sputnik/Mikhail Metzel/Kremlin via REUTERS
(Reuters) – Russian President Vladimir Putin signed a decree on Wednesday establishing temporary procedures to fulfil foreign debt obligations, the Interfax news agency reported, as investors keep a close eye on a potential default.
The agency said Putin had ordered the government to choose banks within 10 days to handle payments on Eurobonds under a new scheme.
Russia’s failure to service its foreign debt due to Western sanctions is taking it closer to its first default on international bonds since the Bolshevik revolution more than a century ago.
