11 Apr 2022 13:48

Alrosa not able to pay coupon on dollar-denominated Eurobonds owing to U.S., UK sanctions - company

MOSCOW. April 11 (Interfax) - Alrosa , which is included in the respective sanctions lists of the United States and Great Britain, is unable to pay the coupon on its dollar-denominated Eurobonds maturing in 2024, the company said in a statement on Monday.

The Russian diamond-mining company has been under UK sanctions since March 24, and the company came under U.S. blocking sanctions on Friday.

Being included in the SDN list, combined with the previously imposed UK sanctions, renders it technically impossible to service debt obligations, Alrosa said in the statement.

The company is currently looking into options on how it would be possible to fulfill its payment obligations, according to the statement.

Alrosa was scheduled on April 9 to pay investors a coupon on the 2024 Eurobond totaling $11.625 million. Payments that fall on a day off are automatically transferred to the next business day following the day off usually.