Russia pays US$102 coupon

RUSSIA has made a US$102 million interest payment as the world’s biggest energy exporter continues to service its foreign bonds despite financial isolation after the invasion of Ukraine. The Finance Ministry said it transferred the funds to the National Settlement Depository in Russia, from where the coupon payment on the bonds maturing in 2035 is due to be distributed to investors. Capital controls and restrictions on the NSD’s accounts with the world’s biggest settlement systems have complicated and delayed the arrival of funds on previous payments. Despite warnings from credit-rating agencies, the government has so far sidestepped a default since the war started and the sanctions were imposed. By transferring the cash, the Finance Ministry has performed its obligations under the bond terms “in full,” it said in a statement Tuesday.

—

AT least a dozen US shale gas executives met on Wednesday with European energy officials to discuss expanding US fuel supplies to Europe amid a scramble to replace Russian imports. The group met in Houston with foreign affairs and economic ministers and commercial buyers looking to reduce their imports of Russian oil, coal and liquefied natural gas over its invasion of Ukraine, executives said. The European Union plans to cut its reliance on Russian gas by two-thirds this year.

Delegations from Latvia and Estonia, diplomats from Bulgaria, Estonia, France, Germany, Hungary, Latvia, and the UK toured the Golden Pass LNG export project in Sabine Pass, Texas, and later met in Houston with shale gas producers, said Fred Hutchison, chief executive of trade group LNG Allies.

— International Business Times