One of the largest Russian banks against which sanctions were imposed, VTB, made coupon payments in rubles to holders of its domestic subordinated bonds denominated in dollars and euros. This is reported by Reuters with reference to the data of the National Settlement Depository..

" State-owned VTB, Russia's second-largest bank, made ruble coupon payments on two of its foreign-currency-denominated bonds issued domestically in 2021..

On Monday, VTB carried out a total of 255.7 million? rubles ($3.1 million) in coupon payments on two of its euro-denominated bonds and 312.

3 million rubles on its dollar-denominated bonds issued last year.

" If Russia fails to make any of its future payments on the bonds within a predetermined time frame, or pays in rubles, where dollars, euros or other currencies are indicated, this will be considered a default..

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Recall that Russia was unable to pay debts on bonds of 2022 and 2042 - the US Treasury Department blocked the processing of payments by JPMorgan (JPM).