Russia is planning to set up a new system to manage its foreign bond payments in an effort to stave off an historic default, according to a report in a Moscow newspaper.
The new system would be a mirror image of the one Russia put in place to
deal with natural gas exports,
Vedomosti reported Monday, citing Finance Minister Anton Siluanov.
Under the bond-payment system, investors will have to open a foreign currency and a
ruble account at a Russian bank, and provide instructions permitting exchange, Siluanov said.
The system would allow Russia to make its bond payments in rubles, which would then be exchanged, enabling the investor to receive payment in the correct currency.