The president of the Russian Central Bank, Elvira Nabiúllina, assured that the country’s Ministry of Finance has resources to meet its debt commitments, so there can be no talk of any default.
The senior official acknowledged there are difficulties with the country’s payments, but she expressed her hope that “all this will be successfully resolved,” the TASS news agency reported.
Earlier, the director of the International Monetary Fund’s European Department, Alfred Kammer, confirmed the low level of Russian sovereign debt and market conditions reduce the risks of a possible technical default for the Moscow government.
According to the Russian Ministry of Finance, Russia’s external debt was 59.5 billion dollars as of February 1, 2022, of which 38.97 billion were acquired through bonds.
Currently, the Eurasian nation owes a total of 15 active loans taken out under bonds maturing from 2022 to 2047.
However, on April 6, the country paid for the first time in rubles 649.2 million dollars of its debt, due to the refusal of a foreign bank to repay it in foreign currency.
In response to numerous Western punitive measures, on March 5, Russian President Vladimir Putin passed a decree allowing the country to make ruble payments to bondholders from hostile countries.