Home News Sberbank paid in rubles the coupon of some Eurobonds in dollars

Sberbank paid in rubles the coupon of some Eurobonds in dollars

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Russia’s ability to pay its debts is in the spotlight, as the country faces the prospect of a sovereign default after Western capitals imposed heavy sanctions following what Moscow calls a “special operation” in Ukraine, which began on 24 February.

Sberbank, which serves about 100 million customers in Russia, is one of the country’s largest financial institutions.

“Due to the sanctions imposed on Sberbank by the United States and the United Kingdom, the international financial infrastructure prevents (Sberbank) from making payments to investors, as provided in the issuance documentation,” the bank said in a statement.

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Sberbank said it has two subordinated issues of outstanding Eurobonds: a $ 2 billion issue due in October 2022 and a $ 1 billion issue due in May 2023, with coupon payments due twice a year.

“The bank confirms that it has enough liquidity to meet all its obligations and is doing everything possible to pay off its debt,” he said.

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