Russian Finance Minister Anton Siluanov recently told the pro-Kremlin newspaper Izvestia that Russia will take legal action if the West tries to force the country to default on its sovereign debt. ), which clearly shows Moscow’s position in the financial struggle with the West.
Mr. Siluanov told the Izvestia newspaper in an interview: “We will sue, because we have taken all the necessary steps to ensure that the investors receive the payment”; “We will present to the court invoices confirming our efforts to pay both in foreign currency and in rubles. It is not an easy process. We will have to be very active to prove our behavior. their actions, despite all the difficulties”.
Mr. Siluanov did not disclose details of Russia’s legal options. Russia now faces default on its first foreign debt payments in more than a century. Last week, the country made arrangements to repay international bonds in rubles even though the payment was due in USD. Mr. Siluanov has said that Russia will do everything possible to ensure its creditors are paid.
Russian President Vladimir Putin (right) talks with Finance Minister Anton Siluanov (left) during the EEU Summit meeting in Saint Petersburg, Russia on December 20, 2019. Photo: Getty Images.
Mr. Siluanov told Izvestia newspaper: “Russia has tried in good faith to pay external creditors”; “However, it is the deliberate policy of Western countries to cause a default by all means.”
Russia’s external liabilities account for about 20% of total public debt, meaning Russia has about 4.5-4.7 trillion rubles of external liabilities out of 21 trillion rubles (261.7 billion). USD) public debt. The country’s bonds are now emerging as a focal point in economic relations with Western countries, amid escalating geopolitical tensions.
Mr. Siluanov said: “If there is an economic and financial war against our country, we will be forced to react while fulfilling all our obligations”; “If we can’t do it in foreign currency, we do it in rubles.”
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