The Romanian pension funds, the main Romanian investors in the bonds issued on the local market by the Russia-controlled International Investment Bank (IIB), are trying to obtain a waiver from the US that would allow the bank to pay them the money owed, using its assets blocked in the financial system of EU states.

The Foreign Ministry, the Ministry of Finance and the Financial Supervisory Authority (ASF) are assisting in this action.

The IIB, one of the two banks controlled by Russia in which Romania was a shareholder until recently, already defaulted on a RON 340 million (EUR 70 million) payment linked to its bond issued on the Romanian market, sources familiar with the matter told Profit.ro. Another RON 200 million (EUR 40 million) payment was scheduled for October 19. 

Romania's pension funds have an exposure equivalent to EUR 90 million to the bonds issued by the IIB, while the local mutual funds and the insurance companies hold EUR 40 million worth of securities, the minister of finance, Marcel Boloș, told Profit.ro.

IIB has been under sanctions imposed by the US since April as a result of the war launched by Russia against Ukraine. 

iulian@romania-insider.com

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