Live news updates: Russia threatens to sue if the west declares it in default

Russian finance minister Anton Siluanov has stated that Russia would take its case to courtroom if western international locations rule it to have defaulted on its bond repayments.

“The Russian Federation tried in good faith to pay its foreign creditors by transferring the corresponding sums in currency as payment for our debt. Nevertheless, the conscious policy of Western countries is to artificially create a man-made default by all means,” Siluanov stated in an interview with the Izvestia newspaper revealed early on Monday.

He stated Russia had tried to make repayments in {dollars} however its overseas accounts have been blocked and the funds couldn’t be made. “Western countries have banned the use of our frozen funds to pay obligations to foreign creditors, thus punishing their own investors.”

Russian finance minister Anton Siluanov said that Russia had no plans to borrow domestically or overseas in 2022
Russian finance minister Anton Siluanov stated that Russia had no plans to borrow domestically or abroad in 2022 © Bloomberg

Funds have been due to this fact made in roubles, he stated. “Do foreign holders of our debt have access to this money? They do. They can spend this money to buy new securities issued by the Finance Ministry, to pay taxes and for a number of other operations.

“Would they be able to convert the rouble funds into foreign currency? They can do it, but our position is that this can be done only after the unfreezing of Russia’s currency accounts has been ensured.”

He stated Russia as a dependable borrower had finished all it may to fulfil its obligations whatever the “economic war” being waged in opposition to it. Whether it is dominated to have defaulted, nevertheless, Siluanov stated Russia would sue.

“Of course, we will sue, because we have taken all necessary steps to ensure that investors receive their payments,” he stated.

Siluanov additionally stated Russia had no plans to borrow in 2022. “We are not planning to enter the domestic market or foreign markets this year. This makes no sense, because the cost of such borrowing would be cosmic.”

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