Russia threatens to pay foreign debts in devalued ruble amid crippling sanctions
The ruble hit a record low earlier this month as Russia's financial system continues to feel the stress of Western sanctions
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Russia is threatening to pay off its foreign debts with its devalued ruble after major Russian banks were sanctioned, cutting them off from global financial markets, over Moscow's invasion of Ukraine.
Russia has to pay $117 million on two Eurobonds on Wednesday, Reuters reported.
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People walk past a currency exchange office screen displaying the exchange rates of U.S. Dollar and Euro to Russian Rubles in Moscow's downtown, Russia, Monday, Feb. 28, 2022. Moscow’s war on Ukraine and the ferocious financial backlash it’s unleashe
In a Monday interview with state television, Russian Finance Minister Anton Siluanov said Moscow has asked Western banks to carry out the transaction. The sanctions have isolated Russian banks and frozen billions of dollars in gold and reserves, the news outlet reported.
In addition, Russian banks have been banned from the SWIFT international payment network, which has hampered efforts to move money outside the country.
"If we see complications with executing the order then on Tuesday we will prepare a relevant transfer order in the rouble equivalent," Siluanov said. "
He called the freezing of the central bank and government's foreign currency accounts "a desire by several Western countries to organize an artificial default."
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Since Russia's invasion of Ukraine, the ruble has plummeted to record lows and the sanctions have triggered an economic crisis not seen in the country since the 1991 fall of the Soviet Union.
On Monday, State Department spokesman Ned Price said there will be "consequences" for any country that supports Russia's military aspirations in Ukraine.
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"We will not allow any country to compensate Russia for its losses," Ned Price told reporters. "We've made very clear that any country that would seek to attempt to bail Russia out of this economic, financial morass will be met with consequences. We will ensure that no country is able to get away with such a thing."