Russia will pay in rubles debts to creditors of unfriendly countries

The measure, approved by Russian President Vladimir Putin and published the night before, is valid for the entire country and its companies, aimed at enabling them to meet their obligations under credits, loans and financial instruments.

The government will determine within two days the list of foreign states that commit unfriendly acts against Russia, Russian legal entities and individuals, the decree reads.

According to the document, the procedure will apply to obligations worth 10 million rubles or more per month (or the equivalent of this amount in foreign currency at the exchange rate of the Central Bank of Russia).

Among the provisions, it is established that the Russian entity involved in this situation may open an account in rubles in the name of a foreign creditor in a Russian bank to settle its obligations.

Also, the Central Bank of Russia and the Ministry of Finance are empowered to determine different procedures for debtors to fulfill their obligations to creditors of unfriendly countries.

After the Russian president announced a military operation in Ukraine on February 24, the West tightened its economic sanctions against the Eurasian nation.

The United States, the United Kingdom, Canada, Japan and European Union countries targeted key sectors of Russia’s trade, finance, energy, exports and aviation.

The unilateral measures established the disconnection of some banks from the Swift international payment system, the closure of European airspace and that of other countries for their airlines, and the paralysis of the international reserves of the Central Bank of Russia, among other sanctions.

Moscow has issued presidential decrees establishing economic measures to protect itself from foreign economic, financial and trade restrictions facing the country.


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