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• Moscow made payments of $71.25 million for a dollar-denominated bond and 26.5 million euros for euro-denominated notes
Russia escaped a possible default as it made overdue payments on its foreign debt on Friday.
Russia's finance ministry said it had made payments of $71.25 million for a dollar-denominated bond and 26.5 million euros, or $28 million, for euro-denominated notes, just a week before the interest payments are due.
Russia is facing major economic crisis and has come close to a default several times now as nearly half of the country's gold and forex reserves is frozen after Western sanctions.
Russia has been able to escape default until now because of a special licence from the U.S. Treasury, which allows international bond holders to receive these kinds of payments.
The licence is, though, set to expire on May 25.
Picture Credits: Reuters
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