August 15, 2022

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Russian Finance Minister: Western sanctions are an obstacle to repaying our debts

Russian Finance Minister: Western sanctions are an obstacle to repaying our debts

He explained that the exchange rate Ruble It is free and governed by supply and demand, and the government seeks through its policies to counter the pressures posed by recent fluctuations in the exchange rate against other currencies.

Siluvanov said, Russia It did not consider refusing to repay its debts because it did not refuse to do so, adding that the real culprit in this current situation was the actions of third parties, explaining that his country had executed “all stated in the debt documents, we changed. Our payments against the deposit of foreign securities … but our money They were disabled in Western payment systems, so they did not reach the beneficiaries of Russian bondholders.

According to Silvano, Russia is currently in the process of collecting bond holders with the possibility of paying their balance in Russian currency and then converting it into the required currency.

However, the minister said, considering the circumstances under which his country is subject to the practices of non-friendly countries, “we have developed a mechanism to prevent foreign investors from receiving their outstanding balances on credit instruments and to avoid restrictions. And the penalty was imposed, we gave foreign investors the right to collect their balance in rubles through Russian accounts, and then convert the ruble into any other foreign currency, and then have the opportunity to extract it.

Low growth

Commenting on the impact of Western sanctions on the Russian economy, the finance minister said, “The sanctions will not benefit anyone, whether Russia or other embargoed countries, themselves.”

According to Siluanov, growth rates Russian economy Despite the sanctions, it is still positive, but after the Russian economy showed steady growth, reaching about 3.5 percent in the first quarter of this year, it faces some decline, indicating that the situation in April and May will change. That fact must be taken into account. “

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Siluvanov pointed out that the Russian government has taken steps to support citizens in light of the new economic conditions facing the consequences of the uprising. SwellingHe said the government was increasing contract pensions and supporting families with children to maintain their standard of living.

The Russian government has decided to support businesses and companies, which, according to the Minister of Finance, support the interest rate on loans, provide tax facilities and concessions, giving priority to small and medium enterprises.

Thus said the Minister Unemployment rate In Russia, it continued to plummet to an all-time low of 3.9 percent.

As for the status of foreign companies operating in Russia, the Finance Minister said that his country is interested in continuing the operations of all foreign companies and that the concessions it has made include all Russian and foreign companies.

Regarding foreign companies that decided to leave Russia, after the crisis in Ukraine, the Minister said, “Allied companies that have decided to leave the country for political reasons will lose their position in the market and the government is now operating. Local companies and Russian businessmen can run these companies and continue their business.” . ” “.

Exchange rate

Western accusations that the Russian government was interfering in the exchange rate and the reasons for the unprecedented rise in the ruble in 7 years, Sluvanov said, “this opinion is definitely wrong.” Free and non-intervention of financial authorities in the currency markets, the Minister explained that “the price of the ruble is determined by the means of supply and demand for currencies”, indicating an increase in export earnings, in particular EnergyAlthough imports are down about 40 percent from their normal rates, “so the supply of foreign currency in the market is largely commensurate with the demand for it, which pushes the rupee to strengthen.”

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“We are currently working to ensure the stability of the currency market situation. We are not pushing for a strong or low ruble rate, but for a predictable exchange rate,” he added.

Commenting on the handling of the dollar and the euro, Silvanov said, “The dollar, the euro and other currencies that we consider unfriendly in the light of current events have become toxic to us.”

“At the level of the Russian Federation, the Ministry of Finance or the Central Bank, these coins are not handled,” he added.

He explained, “Western countries have declared Russia bankrupt after freezing gold and foreign currencies, so all transactions using the currencies of the countries mentioned are at risk to us … Therefore, we are taking steps to allow our exporters and importers national currencies in their accounts or countries that we classify as friends. Switching to handle currencies. It’s safe and secure. As for money transfers in euros or dollars, it may not reach the right parties. “

Russia’s central bank is preparing a case to determine the fate of gold and foreign exchange reserves frozen by international courts, the finance minister said.

Regarding the consequences of the Western decision to ban Russian gold, Silvanov said that it would certainly have an impact on the supply of yellow metal in the markets, but stressed that Russia would continue to export to other markets. Southeast target.

Energy penalty

And Western hardline status in gas and oil supply, andRussian coalIts impact on the resources of the Russian government, the Minister of Finance said, “Exports of energy products bring the most important revenue to the Russian treasury. One-third of the revenue of the federal budget is oil and gas revenue. Trade.”

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Siluvanov said, “Russian companies are actively looking for and selling other markets Oil Successfully, especially since oil consumption is on the rise, it is not possible to replace Russian oil from here, especially after China’s huge economy has recovered from the effects of the corona epidemic.

“If some consumers reject Russian oil, it means that there will be other consumers who buy this oil. This also applies to gas. From here, our companies are working to divert their export routes to other promising markets,” he said. Has grown and grown. “

Attempts by Western countries to set a cap on Russia’s oil prices do not mean that Russia will abide by it, especially since other markets for Russian oil are available for Russian oil, the finance minister said.

“All attempts to target administrative restrictions or price limits will not yield any results,” Siluvanov said.