Washington's decision not to renew the existing general license that provided Russia with a range of exemptions associated with the debt repayment infringes on the rights of foreign investors and undermines confidence in the Western financial system, the Russian finance ministry said on Wednesday.
MOSCOW (Pakistan Point News / Sputnik - 25th May, 2022) Washington's decision not to renew the existing general license that provided Russia with a range of exemptions associated with the debt repayment infringes on the rights of foreign investors and undermines confidence in the Western financial system, the Russian finance ministry said on Wednesday.
The US Treasury announced on Tuesday that Washington will not renew the license and will let it expire on May 25.
"The decision of the US Department of the Treasury to refuse to renew the license for investors to receive payments on the Russian public debt primarily infringes on the rights of foreign investors in Russian debt instruments and undermines confidence in the Western financial infrastructure," the ministry said in a statement.
The ministry confirmed its readiness to continue servicing and repaying all debt obligations despite the tightening of external restrictions.
"Given that the refusal to renew this license makes it impossible to continue servicing the state external debt in US Dollars, payments will be made in the Russian Currency with the possibility of their subsequent conversion into the original currency of the obligation through the National Settlement Depository (NSD) as a paying agent," the statement added.
