Investors breathed a sigh of relief last week after the Russian government made a $117 million interest payment on its foreign debt. But a much bigger payment comes due April 4 — to the tune …
. But a much bigger payment comes due April 4 — to the tune of $2.2 billion — and creditors are far less optimistic Russia will pony up this time.
For some smaller installment payments Russia is allowed to pay in rubles. But for the previous payments of $117 million and the upcoming payment of $2.2 billion, the terms mandate Russia must pay in US dollars. “If they’re making payments with funds they can’t access otherwise, it’s basically funny money,” said Newman, who spent 15 yearsafter it defaulted. “But once they have to scrape cash together and choose to pay bonds over buying guns and food, that’s a harder decision.”
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