Russia says it has been forced to switch to payments in rubles. It says it has the money and also plans to keep the agreements. “As a responsible borrower, the Russian Federation is taking all possible measures to pay all investors,” the minister said. But “foreign counterparties refuse to process payments in foreign currency, which is a force majeure for us. That is the only reason why we are switching to payments in rubles.”
The payment of the converted USD 235 million was sent to the Russian payment institution NSD, with which the payment was made for the ministry. The problem is that the NSD is subject to financial sanctions from the West, and it is not clear whether the money can get from the NSD to the Western payment institutions.
Russia had announced at the end of May that it would repay debts in rubles. As a rule, a refund in another currency is not accepted and is equated with default.
Looking forward to Saturday, when a deadline passes on a payment that was missed at the end of May.