If Russia does not pay its debts in dollars by May 4, it will face a technical default, the Russian Finance Ministry said, Report informs via UNIAN.
The ministry stated that foreign banks do not allow Russia to make payments in rubles. Therefore, the Russian Ministry of Finance transferred funds in rubles to pay coupon income and withdraw Eurobonds.
Although Russia has "fulfilled" such obligations, in many cases, foreign creditors do not recognize the ruble as a currency to repay foreign debt.
Sanctions have also been imposed on Russia's financial sector due to its military operations in Ukraine.