Russia to use yuan from its forex reserves, finance minister says By
© Reuters. FILE PHOTO: Russian Finance Minister Anton Siluanov delivers a speech during a session of the lower house of parliament in Moscow, Russia March 11, 2020. REUTERS/Evgenia Novozhenina/File Photo
2/3
(Reuters) – Russia will use from its foreign exchange reserves after Western sanctions blocked Moscow’s access to the U.S. dollars and euros in the reserves, Finance Minister Anton Siluanov said on Monday.
The finance ministry will instruct the payment of a coupon on a sovereign Eurobond issue due on Wednesday in foreign currency but payment could alternatively be made in roubles if the forex payment request is rejected by Western banks, he said.
From Russia’s point of view, paying a Eurobond coupon in roubles would still mean the government is fulfilling its foreign debt obligations, Siluanov added.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Read More: Russia to use yuan from its forex reserves, finance minister says By