Russia pledges to pay debt in foreign currency

Minister Anton Siluanov emphasized Russia is a reliable borrower and fulfills its obligations.

Russia confirmed that it will repay the debt in the currency it borrowed, the USD, despite the complicated situation due to the freezing of foreign exchange accounts as well as gold and foreign currency reserves.

On the same day, speaking to Izvestia newspaper, Russian Finance Minister Anton Siluanov said that Moscow will take legal action if the West tries to force Russia to violate its obligations to pay its national debt.

“We will sue because we have taken all the necessary steps to ensure full payment to investors,” said Mr. Siluanov, “we will present to the court invoices confirming the payment efforts.” It’s not an easy process, but we’ll work hard to prove it despite all the difficulties.” However, Mr. Siluanov did not specify Russia’s legal options.

The Russian Finance Minister said that Russia’s total foreign debt accounts for about 20% of the total public debt of about 21 trillion rubles ($261.7 billion). Of which, about 4.5 – 4.7 trillion rubles is external debt.

Russia has not violated its foreign debt since the revolution of 1917. However, according to the Russian Finance Minister, the West tries to find ways for Russia to violate its debt repayment obligations.

Previously, at the end of March, Russia paid off its foreign public debt in foreign currency, despite sanctions and frozen reserves.

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