Russia threatens to pay external debt in roubles as sanctions bite – business live

Russia threatens to pay external debt in roubles as sanctions bite – business live

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Russia is taking steps to pay international bondholders in roubles rather than dollars just days before a key interest payment on its external debt, a move that could make a debt default more likely.

Russia’s finance ministry said on Monday it had approved a temporary procedure for repaying foreign currency debt, but warned that payments would be made in roubles if sanctions prevent banks from honouring debts in the currency of issue.