Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Sheikh Qassem: Our supporters make up more than half of Lebanon's population, and all of these people are united under the banner of protecting Lebanon, its Resistance, its people, and its integrity.
Sheikh Qassem: There will be no phased handing in of our arms. [The Israelis] must first enact the agreement before we start talking about a defensive strategy.
Sheikh Qassem: Be brave in the face of foreign pressures, and we will be by your side in this stance.
Sheikh Qassem: Stripping us of our arms is like stripping us of our very soul, and this will prompt us to show them our might.
Sheikh Qassem: We will not abandon our arms, for they gave us dignity; we will not abandon our arms, for they protect us against our enemy.
Sheikh Qassem: The US efforts we are seeing are aimed at sabotaging Lebanon and constitute a call for sedition.
Sheikh Qassem: If you truly want to establish sovereignty and work for Lebanon’s interests, then stop the aggression.
Sheikh Qassem: The United States, which is meddling in Lebanon, is not trustworthy but rather poses a danger to it.
Sheikh Qassem: The United States is preventing the weapons that protect the homeland.
Sheikh Qassem: The government’s latest decision [on the disarmament of the Resistance] is non-charter-based, and if the government continues down this path, it is not faithful to Lebanon’s sovereignty.

Russia makes first Eurobonds-for-rubles payment

  • By Al Mayadeen English
  • Source: Agencies
  • 24 Jun 2022 09:53
4 Min Read

Russia starts paying in rubles for Eurobonds in rubles in light of the obstacles placed by the West in its path, underlining that it did not default.

  • x
  • Russia 200 ruble banknote is shown on top of $2 banknotes
    Russia 200 ruble banknote is shown on top of $2 banknotes

Russia fulfilled Thursday its Eurobonds obligations using a new mechanism that enables it to transfer payments in rubles. The termination of Eurobond payouts in foreign currency and the transition to payment in the Russian currency does not automatically mean international debt default, Finance Minister Anton Siluanov stressed.

Siluanov underlined that creditors had no grounds to think that his country was not performing its commitments properly.

The United States had refused to renew last month Moscow's license that allowed the Russian federation to service Russian external debt in foreign currency. Later on, in early June, the National Settlement Depository (NSD) was affected by the restrictive measures taken by the European Union, prompting Russia to opt for a new mechanism.

In response, State Duma Speaker Vyacheslav Volodin announced that Moscow would make its foreign debt payments in rubles.

Citing Moscow's previous experience in asking for gas payments to be paid in rubles, Volodin said on his Telegram channel "The US and the satellites supporting Washington’s decisions should get used to the ruble."

Days later, Russian Deputy Prime Minister Alexander Novak told reporters on the sidelines of the St. Petersburg International Economic Forum that the majority of Gazprom's European clients have switched to paying for gas in rubles, accounting for 90-95% of supplied volumes (SPIEF).

Related News

Trump orders national guard expansion in Washington

Musk’s xAI sues Apple, OpenAI over antitrust collusion in AI market

The new mechanism, which passed Russian President Vladimir Putin's desk on June 22, grants Russia the ability to fulfill its obligations to creditors whose rights are confirmed through the national depositories, while also fulfilling its obligations to those "who cannot transfer funds under standard procedures," the Finance Ministry explained.

Putin had signed on Wednesday a decree that allowed for a temporary procedure to allow Moscow to make its Eurobonds payments. The bill says that Russia's obligations would be considered complete "if they are fulfilled in rubles in an amount equivalent to the value of obligations in foreign currency" at the exchange rate on the day the funds are transferred to the NSD, which will then take them to creditors.

For Russia to fulfill its obligations in rubles, the funds will be transferred in the currency to special accounts and adjusted in accordance with the current exchange rate until the settlement is realized.

Holders of the securities will be required to confirm their right to receive the payment while also relinquishing any potential claims against Moscow in writing, and the transfer will require the creditors to have a "personal" ruble account in a Russian bank authorized by the government. The list of authorized Russian banks will be issued by the government by the end of next week.

The finance ministry announced Thursday that it had made the first payment under the new rules, transferring 12.51 billion rubles ($234.85 million) to the NSD for the bank to pay on bonds maturing in 2027 and 2047.

The currency change is not an indication of Moscow declaring a default on external debt, and Russia only embarked on this path due to the refusal of foreign states to process payments in foreign currency, Siluanov noted.

However, the minister said, Russia taking on a new payment mechanism does not necessarily mean that the West will consider that Moscow fulfilled its obligations, as the United States and the European Union are planning on further cornering Russia and imposing more obstacles on it in order to portray it as a state that defaulted to international debt. "But everyone who is versed understands that this is not a default at all."

Russia has repeatedly underlined that it had enough money, and as of April 1, 2022, Russia's external public debt amounted to $57.143 billion, while as of June 10, 2022, its international reserves amounted to $549.6 billion.

  • United States
  • Russian debt
  • Rubles
  • Europe
  • Russia
  • gas
  • Gazprom
  • Ruble
  • Ukraine
  • European Union
Russia & NATO

Russia & NATO

As the Draconian Western-led sanctions on Russia exacerbate the economic crisis worldwide, and as Russian troops gain more ground despite the influx of military aid into Ukraine, exposing US direct involvement in bio-labs spread across Eastern Europe and the insurgence of neo-Nazi groups… How will things unfold?

Most Read

Tom Artiom Alexandrovich, executive director of the defense division of the Israeli National Cyber Directorate, undated (Social media)

Israeli-born US prosecutor drops Israeli officer child sex crime

  • Politics
  • 19 Aug 2025
Almost instantly after the Helsinki Accords were signed, organisations sprouted to document purported violations, whose findings were fed to overseas embassies for international amplification. (Al Mayadeen English; Illustrated by Zeinab el-Hajj)

How ‘Human Rights’ became a Western weapon

  • Opinion
  • 23 Aug 2025
Israeli soldiers stand on the top of armoured vehicles parked on an area near the Israeli-Gaza border, as seen from southern Israel, Wednesday, Aug. 20, 2025 (AP)

Palestinian fighters target Israeli soldiers, vehicles in Gaza

  • Politics
  • 21 Aug 2025
Launch of a ballistic missile from Yemen toward the occupied Palestinian territories. (YAF military media)

Yemeni Forces announce firing hypersonic missile at Al-Lydd Airport

  • Politics
  • 22 Aug 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Israeli Prime Minister Benjamin Netanyahu speaks during a press conference at the Prime minister's office in al-Quds, Occupied Palestine, Sunday, Aug. 10, 2025 (AP)
Politics

Netanyahu deliberately derailing truce with Gaza occupation: Hamas

Irish President Michael Higgins arrives to deliver his speech during a 42nd World Food Day celebration at FAO headquarters in Rome, on Oct. 16, 2023. (AP Photo/Alessandra Tarantino)
Politics

Irish president renews call for UN military intervention in Gaza

US Ambassador to Turkey and Special Envoy to Syria Tom Barrack speaks during an interview with The Associated Press at the US Embassy in Aukar, northern suburb of Beirut, Lebanon, Monday, July 21, 2025 (AP)
Politics

US envoy, Netanyahu discuss restraining attacks on Lebanon, withdrawal

Smoke billows following Israeli airstrikes in multiple areas in Sanaa, Yemen, Sunday, Aug. 24, 2025 (AP)
Politics

Ansar Allah vow sustained Gaza support despite Israeli strikes

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS