Russia threatens to take legal action if it defaults on its debt

Posted Apr 11, 2022, 5:37 PMUpdated on Apr 11, 2022 at 7:41 PM

This time, the blow struck. Provoking the anger of the Russian Finance Minister, Anton Siluanov. Washington’s decision to ban all transfers in dollars from accounts opened by the Russian state with American banks prevented Moscow from paying its creditors in foreign currency last week. The country has met its maturities well on two lines of debt denominated in the American currency, but in rouble. A breach of the loan contract that led to its placement in default by the agency S&P Global Ratings on Saturday.

“We will go to court, because we have taken all the necessary measures to ensure that investors receive their payments”, threatened Anton Siluanov, in an interview with the Russian newspaper “Izvestia”. However, the minister did not specify which jurisdiction he intended to turn to. And it will indeed be difficult to find a court with jurisdiction to overturn Western sanctions.

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