Russian President Vladimir Putin signed a decree on a new temporary measure to repay the state debt in foreign currency, TASS reported on Wednesday.
According to the decree, Russia will be able to repay debts denominated in foreign currency in Russian rubles.
“Obligations on Eurobonds are considered to be properly executed if they are executed in rubles for an amount equal to the value of obligations in foreign currency and based on the exchange rate on the local foreign exchange market on the date of payment,” the presidential decree says.
Putin also instructed the Cabinet of Ministers and the Russian Ministry of Finance to determine the banks through which financial obligations under Eurobonds will be repaid in accordance with the new decree within 10 days, as well as to regulate the technical side of the process.
The decree confirms Russia’s determination to fulfill its international financial obligations, despite the obstacles and sanctions imposed by the West.