Days after credit ratings agency S&P declared Russia in “selective default” after the country attempted to pay debts in rubles instead of dollars, Russian officials are threatening to sue in order to fight the “artificial default” created by Western sanctions.
The payments made in rubles on two dollar-denominated bonds qualified as a “selective default” because investors would be unlikely to be able to convert the rubles into the dollar amount the debt was originally for, according to CNN.
Russian Finance Minister Anton Siluanov told Russia newspaper Izvestia Monday that the country has made efforts to pay the debts, but sanctions that have frozen foreign assets have prevented them from doing so.
This is a developing story that will be updated as more information becomes available.
Klimentyev, Sputnik/AFP via Getty Images
Days after credit ratings agency S&P declared Russia in “selective default” after the country attempted to pay debts in rubles instead of dollars, Russian officials are threatening to sue in order to fight the “artificial default” created by Western sanctions.The payments made in rubles on two dollar-denominated bonds qualified as a “selective default” because investors would be unlikely to be able to convert the rubles into the dollar amount the debt was originally for, according to CNN.Russian Finance Minister Anton Siluanov told Russia newspaper Izvestia Monday that the country has made efforts to pay the debts, but sanctions that have frozen foreign assets have prevented them from doing so.This is a developing story that will be updated as more information becomes available. Russia has defaulted on some foreign debts, and is threatening to sue over sanctions stopping them from paying. Above, Russian President Vladimir Putin chairs a meeting with members of the Russian government via teleconference in Moscow on March 10. Klimentyev, Sputnik/AFP via Getty Images