Moscow: Russian Finance Minister Anton Siluanov said that nearly half of the country's roughly $640 billion of gold and foreign currency reserves have been frozen in the wake of Moscow's ongoing war on Ukraine.
He however denied reports that Moscow cannot fulfil its obligations under the public debt.
"Statements that Russia cannot fulfil its obligations under the public debt do not correspond to reality. We have the necessary amount of funds to service our obligations," the Ministry's press service quoted the Minister as saying.
Speaking to the local media, Siluanov said that Russia will pay rubles to its debt holders at the exchange rate of the Bank of Russia on the date of payment, reports Xinhua news agency.
"Moreover, for issues of Eurobonds issued since 2018, such an opportunity was laid down directly in the issuance documents," Siluanov recalled referring to payment in ruble.
The Ministry of Finance will additionally inform about the fulfilment of their obligations by agent banks under the terms of Eurobond issues.
He said that the current conflict in Ukraine has not been easy for Russian financial institutions.
Still, the country's capital reserves have made it possible for banks under severe restrictions to function.
The Russian authorities will closely monitor inflation and the state of the country's pensions, Siluanov noted.
"Of course, we have enough money to ensure the production of vital goods. The Central Bank will provide the necessary liquidity to the financial system," he said.
Since Russia started the war on February, there has been an onslaught of Western economic sanctions, including asset freezes, in response.
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