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Russia will pay foreign debt in rubles

Russian Ruble. (Image: Getty)

The Russian Ministry of Finance stated that the new US decision made Russian Government cannot continue to pay foreign debts in USD. Therefore, the debts will be paid in the local currency of Russia.

The notice of the Russian Ministry of Finance also stated that there is a possibility that the above debts will then be converted back into the original currency through Russian financial institutions acting as payment agents.

Value Ruble Russia’s currency against the dollar rose to the highest level since March 2018 in the session of May 24. The value of the ruble is underpinned by export companies having to convert their foreign currency earnings, while foreign exchange demand has been limited by a decline in imports to Russia due to disruptions in logistics and the West. impose sanctions on the country.

Earlier, President Vladimir Putin said that the value of the ruble is seen as a testament to Russia’s effective performance in the face of Western sanctions. Investment Bank Sinara predicts the ruble could return to 60-65 rubles to 1 dollar by June.

Since the beginning of the year, the ruble has gained about 30% of its value against the dollar despite economic sanctions against Russia imposed by the West over the campaign in Ukraine. This impressive increase has made Russia’s local currency the best performing currency in the world at this stage.

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