The Ministry of Finance will continue to fulfill its obligations under government bonds, but will make payments in rubles, Forbes writes with reference to the department’s message. It is specified that the possibility of subsequent conversion of payments in the original currency of the obligation through the National Settlement Depository is provided for.

“The decision of the U.S. Ministry of Finance on the refusal of the Department to extend the license for investors to receive payments on public debt of the Russian Federation infringes primarily on the rights of foreign investors in Russian debt instruments and undermines confidence in the Western financial infrastructure”, – said in a statement of the Department.

Payments to holders of Russian Eurobonds within the Russian accounting infrastructure will be made to their accounts in the National Settlement Depository, while those who use the services of foreign financial intermediaries will have their payments transferred to the intermediaries’ C-type accounts. In the future, investors who have provided the depository with confirmation of their rights to receive payments will have the opportunity to regain access to the money, the Finance Ministry points out.

“The current situation has nothing to do with the situation in 1998, when Russia lacked funds to repay its debts. Now the money is there and the willingness to pay is also present. The quality of life of Russians will not be affected by this artificially created situation by an unfriendly country,” Finance Minister Anton Siluanov said.