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Russia’s foreign currency debt pile at risk of default

Sanctions could block coupon payments on $200bn of externally held foreign currency bonds

FinLync | March 4, 2022

Russian banks banned from Swift could in theory access the global payment system through Chinese banks on CIPS. “Technically, there are smaller Swift competitors in China where you could potentially backdoor money in,” says Mitch Thomas, head of solution engineering, North America for treasury tech firm FinLync. “That would be a definite workaround, to find a Chinese bank that’s a member of the same network as a Russian bank.”

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