Russia plans to make settlements with holders of Russian Eurobonds using a mechanism similar to the scheme of paying for Russian gas in rubles. According to Finance Minister Anton Siluanov, “the system will operate in the same way, only in the other direction.” In order to receive payment on government debt in the original currency, investors will have to open foreign currency and ruble accounts with a Russian bank and issue instructions to sell the currency.
Andrei Gusev, Managing Partner at Nordic Star Law Offices, commented for Vedomosti newspaper on whether such payments will violate sanctions.