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Russia Ukraine conflict

Russia finance ministry says its order to pay $117 mln in Eurobond interest fulfilled

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Russia’s order to pay $117 million in interest on two Eurobond coupons was fulfilled, the finance ministry said on Thursday and it will update the market separately on whether the payment was deposited into the account of payment agent Citibank.

Sanctions over events in Ukraine have cut off Russia from the global financial system and blocked the bulk of its gold and foreign exchange reserves.

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The payment on the two Eurobonds, due on Wednesday, is Moscow’s first test in honoring its external debt obligations since Western sanctions were imposed.

Read more: Sanctions have frozen around $300 bln out of $640 bln of Russian reserves: Minister