March 5, 2019 / 8:22 PM / 6 months ago

Russian oil firm says U.S. move helps bond interest payment

MOSCOW, March 5 (Reuters) - Russia’s Alliance Oil Company said on Tuesday that U.S. citizens could hold and trade the firm’s Eurobonds under a clarification to sanctions made by the U.S. authorities.

The firm, which is registered in Bermuda, said in a statement that the U.S. Treasury Departments’s Office of Foreign Assets Control (OFAC) had said “U.S. persons may continue to hold, trade and provide financial services for Alliance Eurobonds.”

OFAC did not immediately comment.

Washington imposed sanctions against a parent company of Alliance Oil Company in 2017, a move that made it more difficult for the company to pay interest on the bonds to their holders.

Alliance Oil Company said on Tuesday it had shown its “full commitment to duly and timely fulfillment of obligations to the bondholders” despite what it called a “difficult macroeconomic environment and dramatically changed investment climate.”

Reporting by Oksana Kobzeva Writing by Gabrielle Tétrault-Farber Editing by Edmund Blair

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