Business Maverick: Putin’s Ruble Workaround Still Leaves Bond Payments in Doubt

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Russia and Russian companies will be allowed to pay foreign creditors in rubles, according to a decree signed by President Vladimir Putin on Saturday, as a way to service debt while capital controls remain in place.

stopped accepting the ruble as settlement currency and have excluded all securities issued by Russian entities from all Triparty transactions, barring a traditional channel used to make payments to bondholders.Russia’s central bank said it will temporarily ease reporting requirements for Russian lenders in an effort to shield them from the pressure of sanctions.

Russia’s Central Bank said on Sunday that foreign creditors from countries that have not imposed sanctions may be able to receive the payment in the currency in which the debt is denominated if the Russian debtor gets a special permission to do so.territory by Moody’s Investors Service on Sunday. The rating assessor cited expectations that capital controls by the central bank will restrict cross border payments including for debt service on government bonds.

“This means that bonds with ruble fallback provisions can neither trigger CDS nor be delivered into CDS,” Nguyen said in emailed comments on Sunday.

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