Sanctioned Alrosa Makes Eurobond Payments in Roubles
July 20, 22
(IDEX Online) - Alrosa says it will make interest payments on two $500m Eurobonds in roubles after dollar payments proved to be "technically impossible".
The Russian miner, sanctioned since the invasion of Ukraine in February, said in a statement yesterday that it was "fully committed" to its payment obligations.
Corporations like Alrosa use Eurobonds - fixed-income debt instruments - to raise funds in a foreign currency.
Many publicly-listed Russian companies have been unable to service their foreign debt, since they were blacklisted by the SWIFT financial messaging service, and have been forced into default.
Pic shows diamond sorting at Alrosa
Alrosa said it would be making coupon payments in roubles to fulfil Eurobond obligations that were due on 9 April and 22 June.