Siluanov said that Russia will find a tool to pay debt holders Russia will find a form that will allow it to pay off its obligations, Siluanov said. Formerly USA

banned RUSSIA from servicing external debt Anton Siluanov

Russia will find a tool so that all holders of its public debt receive payments, Finance Minister Anton Siluanov told reporters.

“We will try to pay off our obligations. And we will find such a form. <...> We will offer a tool so that all holders of our debt can receive their interest and the body [of the debt],” he said (quoted by TASS).

According to the minister, even if a way can be found to declare a “technical default” for Russia, this will not affect its economy in any way.

"Nothing will change. In general, a technical default is a default declared, in fact, by Western infrastructure to its own investors. We are a reliable borrower, we have performed even in these difficult conditions, and we will look for options, and we are already preparing such options,” Siluanov said. 

The United States banned Russia from servicing external public debt Economics

On May 24, the United States did not renew a license that allowed holders of Russian sovereign bonds to receive payments for servicing and redeeming these securities, in other words, forbidding Russia to service external public debt.

On May 27, the Russian Finance Ministry was due to pay €26.5 million in euro-denominated bonds and $71.25 million in dollar-denominated bonds. But a week before the date of payment, the ministry announced that it had fulfilled its obligations to pay coupon income on these issues in advance.

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The next payments on Eurobonds of the Ministry of Finance, according to BLOOMBERG, are scheduled for June 23 (DOLLAR bonds with the option of an alternative payment in euros, pounds sterling or Swiss francs) and then on June 24 (dollar notes without currency alternatives).

According to the Ministry of Finance, due to restrictions from the United States, it will continue to service and repay all debt obligations in rubles instead of dollars. Ruble payments will go through the payment agent - the National Settlement Repository. Recipients will be able to transfer the received funds "to the original currency of the obligation."