Russian diamond producer Alrosa has asked its trustee to apply to the UK's sanctions regulator for a special licence to allow the company to make coupon payments on its $500-million Eurobond.
Alrosa said that UK sanctions currently make it "technically impossible" to pay the coupon due on April 9, amounting $11.6-million.
"The company asked its Principal Paying Agent and the Trustee (The Bank of New York Mellon, London Branch and BNY Mellon Corporate Trustee Services Limited respectively) to apply to the Office of Financial Sanctions Implementation (OFSI) to issue a special licence allowing the issuer or the guarantor to make the coupon payment," Alrosa said on Tuesday.
Several Russian companies, including Severatal and Evraz, have also applied to the OFSI to facilitate their Eurobond payments.