Russia’s entry into suspension of payments (‘default’) puts numerous investors with exposure to Russian debt in check. Yesterday, Russian eurobond creditors did not receive the payments owed on two issues of debt securities: 26.5 million euros for bonds in euros and 71.25 million dollars for securities in dollars, according to Bloomberg.
According to Bloomberg, this situation is considered a ‘default’ or suspension of payments and it is the “culmination of increasingly severe Western sanctions that have blocked the ways of payment to foreign creditors.” “It is a grim sign of the country’s (Russia) rapid conversion into an economic, financial and political pariah,” the agency said.
A situation that will now force the creditors and the country to reach an understanding.
According to experts, the usual solution is usually to make a discount on part of the amount owed, but in this case everything is different. Russia has liquidity to carry out the disbursement but its assets are blocked and the payment in rubles is not acceptable.
But, how can this suspension of payments affect Spain and its investors? The truth is that our country’s exposure to Russian liabilities is minimal. The possession of debt by Spanish banks is residual, as sources in the sector assure, so it would not be a hole in any case. In the rest of the companies, this exposure is unknown, so it is difficult to measure the scope.
