Russia Says Debt Payments Abroad Hinge on Unfreezing of Reserves

Russia is prepared to pay its foreign creditors on condition that a freeze on much of its $643 billion cash pile is lifted, according to Finance Minister Anton Siluanov.

Speaking at a government meeting attended by President Vladimir Putin, Siluanov reiterated Russia’s decision to service its dollar and euro-denominated bonds in rubles. Bondholders would be able to get their payments in hard currency only if a block on the central bank’s reserves held overseas is removed, he said.

Anton Siluanov

Source: Bloomberg

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“We will repay our external obligations in rubles, ...