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Russia’s Finance Ministry said it made payments on two bonds in U.S. dollars, managing to send funds to a paying agent after weeks of struggling with sanctions that cut it off from the financial system and blocked access to dollar reserves.
The country had previously offered to pay in rubles, which had put it on a path to a potential default for breaching the terms on the debt.
But on Friday, the ministry said it managed to pay $564.8 million on a 2022 Eurobond and $84.4 million on a 2042 bond in the currency specified in the documents. The money was sent to the paying agent Citibank, N.A., London Branch.