Russia would be in default if it doesn’t pay in U.S. currency the coupon payments that are due this Wednesday on its dollar debt within a 30-day grace period, according to credit assessor Fitch Ratings, SİA reports citing The Bloomberg.
The clock is also ticking with regard to some of the country’s ruble-denominated debt.
On the foreign-currency side, the nation has $117 million in interest payments due on Wednesday, a key moment for debt holders who have already seen the value of their investments plunge since Russia invaded Ukraine last month.
These payments are the first non-ruble debt obligations to come due since the Moscow-based government said it would treat differently creditors in countries that had joined sanctions against Russia following its invasion of Ukraine.
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