Russia to stop bond problem for remainder of 2022

NEW YORK: Russia will halt bond auctions for the rest of 2022 resulting from prohibitive borrowing prices, Finance Minister Anton Siluanov was quoted as saying by Izvestia.

“We don’t plan to go to the native market or overseas markets this 12 months,” Siluanov informed the Russian outlet.

“It is mindless as a result of the borrowing value can be cosmic.”

With Russia underneath monetary and financial sanctions by the US and allied international locations, the price of insuring Russia’s authorities debt surged final week to sign a file 99% probability of default inside the 12 months after the finance ministry paid a few of its greenback bonds with rubles.

Russia has bought 128 billion rubles (RM6.36bil) in local-currency authorities bonds, referred to as OFZ, this 12 months, in response to finance ministry knowledge. Plans had referred to as for 700 billion rubles (RM34.76bil) in gross sales within the first quarter. — Bloomberg


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