Russia to Pay State Debt in Rubles Until Western Countries Unfreeze Reserves

Russia will not abandon its obligations regarding state debt and will pay in rubles until Western countries unfreeze gold and foreign currency reserves, announced Anton Siluanov, the Minister of Finance of Russia, during a broadcast of the program "Moscow. Kremlin. Putin" on the Rossiya 1 television channel. His words were quoted by RIA Novosti.

“Our gold and foreign currency reserves, including the National Wealth Fund, are frozen. We are facing challenges in fulfilling our obligations, including debt obligations. I believe it is fair when we say that we do not abandon our state obligations; we will pay them in rubles until our gold and foreign currency reserves are unfrozen,” stated Siluanov.

Furthermore, the minister noted that the West is exerting pressure on China to limit Russia's access to its reserves in yuan, explaining that part of the gold and foreign currency reserves is in Chinese currency. “We see what pressure is being exerted on China by Western countries to limit mutual trade with China,” he mentioned, expressing hope that the partnership relations with China will not only maintain a high level of cooperation but also multiply it in the current conditions where Western markets are closed.