Bloomberg: Russian companies are not issued licenses to pay on bonds for $ 28.9 billion
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About $28.9 billion of debt on corporate bonds issued in Russia and denominated in foreign currency fell into a state of technical default due to non-payment. This is reported Bloomberg.
According to the agency, this happened due to the fact that the Office for the implementation of financial sanctions under the British Treasury (OFSI) does not issue the necessary licenses to Russian companies.
The reason for the delay in payments is the workload of the department responsible for issuing such documents. Foreign bondholders do not know when they will receive payments and whether they will receive them at all, Bloomberg notes.
“Our main problem is that we don’t know what’s going on,” said Philip Bauss, who represents the group of about 500 Evraz retail investors, most of whom are UK residents.
“There was no movement forward, no connection. If OFSI would let us know, we would be grateful if we knew what was going on,” added Mr. Bauss.
The Financial Sanctions Enforcement Authority declined to comment to Bloomberg on the number of license applications currently under review.
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