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Russia's disconnection from SWIFT may cause difficulties with foreign debt repayment

March 02, 2015, 16:01 UTC+3
Russia isn't considering an opportunity of introducing a foreign debt repayment moratorium
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MOSCOW, March 2. /TASS/. Technical difficulties with foreign debt repayments may occur if Russia is disconnected from SWIFT, Russian Deputy Finance Minister Sergey Storchak said on Monday.

"We can perceive in theory which problems may occur in this area if certain decisions on access to SWIFT are made," he said. Purely technical problems are the case in point, the official added.

"However, I believe even in such case we will resolve the problem in a way to find an opportunity to meet commitments we assumed. The cardinal position of the president and the government is that we are meet our obligations," Storchak said.

The official noted that Russia isn't considering an opportunity of introducing a foreign debt repayment moratorium.

Imposed sanctions are not grounds for defaulting on foreign debt, Storchak added. "We are repaying our obligations. Developed economies decided to limit mutual trade and investments, what does this have to do with numerous investors that bought Russian debt securities? They are innocent," the deputy minister added.

Moody’s international rating agency earlier said in its comment on the Russia’s sovereign rating downgrade risks are slowly growing the Russian authorities take certain action that may directly or indirectly undermine timely payments on external debt service.

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