Russia may have averted default as it announced it had made several overdue payments in dollars on its overseas bonds, shifting the market's focus to upcoming payments and whether it would stave off a historic default.
Russia's $40 billion in international bonds and the chance of a default have become the focus of global financial markets since it was hit with sanctions from the United States and its allies after its invasion of Ukraine in late February.
The Russian finance ministry announced it paid nearly $650 million it owed holders of two of its dollar bonds. Two creditors told Reuters they had not yet seen the money in their accounts, but a senior U.S. government official confirmed that the payments had been made and that the source appeared to be outside the limits of the current sanctions.
Insurance against Russia's default got less expensive, with five-year credit default swaps linked to Russia’s sovereign debt down to 64.333% upfront from 76.4% upfront on Thursday, according to S&P Global Market Intelligence.1) Transactions between U.S. persons and Russia's finance ministry, central bank or national wealth fund are only allowed under a temporary license issued by the U.S. Office of Foreign Assets Control that will expire on May 25. The U.S.
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