After the gas payment crisis in roubles, another showdown is looming, the payment of Russia’s foreign debt in dollars. The Russian Ministry of Finance announced it three weeks ago, Vladimir Putin ratified it yesterday, Wednesday June 22, by signing a decree: the Russian president authorizes the country to use rubles to pay its debt sovereign debt denominated in foreign currencies, with the risk that Russia will be declared in default.
With our correspondent in Moscow, Anissa El Jabri
The sword of Damocles of default has hung since May 25, when the US Treasury ended an exemption, a license that allowed Moscow to pay its debts in dollars.
“ we have the money »
Barely a raised eyebrow in Russia. The answer was given immediately via a press release from the Russian Ministry of Finance: the reimbursements will therefore be made in rubles and the Minister to recall: “ The current situation has nothing in common with the situation in 1998, when Russia did not have enough funds to repay its debts. Today we have the money, and the will to pay is there too “. In short, placing Russia in default would therefore be artificial.
Ten days to choose the banks
With this decree signed on Wednesday, Vladimir Putin also shows that the country he leads can and wants to pay. It remains to find how to win. The government has a maximum of ten days to choose the banks responsible for managing its payments.
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