Russia’s finance minister said the country paid what it owed on its foreign debts on Wednesday but wasn’t sure if the payments would go through, blaming U.S. sanctions for setting the country on the path toward default.
The Russian government is required to pay $117 million in interest payments on two dollar-denominated government bonds Wednesday. Failure to pay, or attempting to pay in rubles instead of dollars as required by the bonds, would set the stage for Russia to be placed in default by its creditors.
The bonds have a 30-day grace period, meaning creditors can’t declare an official default until April 15.
“The possibility or impossibility of fulfilling our obligations in foreign currency does not depend on us,” Finance Minister Anton Siluanov said in an interview with state-owned Russia Today. “We have the money, we paid the payment, now the ball is on the side, first of all, of the American authorities.” Earlier this week, he indicated that the payment might end up being made in rubles.
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