• REUTERS

  • SHARE

Russia made what appeared to be a late U-turn to avoid a default on Friday, as it made a number of overdue interest payments in dollars on its overseas bonds, despite previously vowing to pay only in rubles as long as its reserves remained frozen.

Russia’s $40 billion of international bonds have become the focus of a game of financial chicken amid sweeping Western sanctions — and speculation about a default is likely to revive in less than four weeks, when a U.S. license allowing Moscow to make payments is due to expire.

Unable to view this article?

This could be due to a conflict with your ad-blocking or security software.

Please add japantimes.co.jp and piano.io to your list of allowed sites.

If this does not resolve the issue or you are unable to add the domains to your allowlist, please see out this support page.

We humbly apologize for the inconvenience.

In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.

SUBSCRIBE NOW

PHOTO GALLERY (CLICK TO ENLARGE)