New Delhi, (Samajweekly) Russian Finance Minister Anton Siluanov said that the freezing of foreign currency accounts of the central bank, as well as the country’s government, can be regarded as the desire of the West to organise an artificial default of Moscow.
“The freezing of currency accounts of the Bank of Russia and the Russian government can be regarded as a desire of a number of foreign countries to organize an artificial default that has no real economic grounds,” RT News quoted the Minister as saying.
Earlier, Siluanov said that the Ministry of Finance would try to pay for eurobonds in the currency of their issue, provided that the currency accounts of the Central Bank and the government were unfrozen.
Russia has denied statements that it cannot fulfil its obligations under the public debt.
He stressed that the country has the necessary amount of funds.
“Statements that Russia cannot fulfil its obligations under the public debt do not correspond to reality. We have the necessary amount of funds to service our obligations,” the Ministry’s press service quoted Siluanov as saying.
Russia is also ready to make payments in rubles at the exchange rate of the Bank of Russia on the date of payment, he noted.
“Moreover, for issues of Eurobonds issued since 2018, such an opportunity was laid down directly in the issuance documents,” Siluanov recalled referring to payment in ruble.
The Ministry of Finance will additionally inform about the fulfilment of their obligations by agent banks under the terms of Eurobond issues.
Earlier in the day, Siluanov told local media that nearly half of the country’s roughly $640 billion of gold and foreign currency reserves have been frozen in the wake of Moscow’s ongoing war on Ukraine.
The Russian authorities will closely monitor inflation and the state of the country’s pensions, Siluanov noted.
“Of course, we have enough money to ensure the production of vital goods. The Central Bank will provide the necessary liquidity to the financial system,” he said.
Since Russia started the war on February 24, there has been an onslaught of Western economic sanctions, including asset freezes, in response.
