Moscow Russia is one step closer to defaulting on its national debt: On Wednesday, the country paid off two foreign currency bonds in rubles instead of dollars for the first time.

The Ministry of Finance in Moscow insisted that all liabilities had been settled. The payment includes $649.2 million for two government bonds maturing in 2022 and 2042. The terms of the contract for the two Russian bonds actually stipulate that the loan will be settled in dollars and not in rubles.

rating agencies Fitch and s & P A few weeks ago, it was clarified that if the loan is repaid in a currency other than the agreed currency, they will consider it a default.