Russia will increase foreign currency sales 830% as deadline for Eurobond repayment nears

Russia's central bank will increase foreign currency sales by 830% to help repay a $3 billion Eurobond due on September 16
The bank will sell $1.5 billion worth of foreign currency between September 14-22 to generate funds for repayment
The sales also aim to reduce ruble volatility amid Russia's war in Ukraine and Western sanctions
The ruble recently hit a 16-month low, falling past 100 per dollar in August
Russia may replace all sovereign Eurobonds with versions pegged to foreign currency but settled in rubles due to sanctions

businessinsider.com

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Posted 9/6/2023, 7:50:00 PM