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Russia’s VEB development bank pays Eurobond coupons in roubles -Breaking


© Reuters. FILEPHOTO: Russia’s Vnesheconombank, the state-owned development bank of Russia (VEB), was on display during the St. Petersburg International Economic Forum. REUTERS/Maxim Shemetov

(Reuters) – Russia’s State Development Bank VEB Monday stated that it channeled coupon payments on its Eurobond dollar-denominated in roubles to pay back foreign funds.

VEB Finance reported that it had paid $68.2 Million in roubles for two Eurobond Series issued by VEB Finance.

Russia is now focused on its ability to pay off its debt. This comes after the West imposed severe sanctions following what Moscow called a “special operation in Ukraine” that began Feb. 24, 2014.