Russia Says it Will Pay Off Its Foreign Debt in Russian Rubles Due to Sanctions

Russia’s Finance Ministry said on Monday it had approved a temporary measure to pay off debts in foreign currency, but warned that payments would be made in rubles if sanctions prevented banks from honoring their debts in the issuance currency.

The ministry added in a statement that Russia has sufficient funds to meet its debt obligations but criticized Western sanctions that freeze government and central bank accounts in foreign currencies, describing this as a desire to suggest that Moscow is unable to pay its debts.