Russia Says It May Have to Service Foreign Exchange Debt in Roubles Due to Sanctions

Russia Says It May Have to Service Foreign Exchange Debt in Roubles Due to Sanctions
A picture illustration shows rolled Russian rouble banknotes on a table in Warsaw, Poland, on Jan. 22, 2016. Kacper Pempel/Reuters
Reuters
Updated:

Russia’s finance ministry is preparing to service some of its foreign currency debt on Wednesday, but such payments will be made in roubles if sanctions prevent banks from honoring debts in the currency of issue, the ministry said on Monday.

“Is that a default? ... From Russia’s point of view, we are fulfilling our obligations,” Finance Minister Anton Siluanov said in an interview with state TV aired on Monday.