MOSCOW, April 8. /TASS/. Rubles that were used to repay the Russian sovereign debt may be converted into a foreign currency if access to frozen Russian international reserves is restored, Finance Minister Anton Siluanov has told reporters.

"The logic is as follows: the rubles that we use to repay debts can be converted into a foreign currency on the condition that access to our currency reserves - the frozen reserves of the Russian Federation - is restored," Siluanov said.

He added that Russia had all the necessary reserves to repay its sovereign debt.

According to the Ministry of Finance, as of February 1, 2022, Russia’s external public debt reached $59.5 bln, including debt on external bonded loans - $38.97 bln. In total, Russia has 15 active bonded loans with maturities from 2022 to 2047.

In response to the sanctions, Russian President Vladimir Putin on March 5 allowed to pay foreign currency debts to "unfriendly" countries in rubles. According to the decree, debtor companies or the state itself can open an account in Russian banks in the name of a foreign creditor and transfer payments to it in rubles at exchange rate of the Bank of Russia on the day of payment. Creditors from countries that have not imposed sanctions can receive payment in euros or dollars if the Russian debtor receives special permission for it.

Earlier, Finance Minister Anton Siluanov said that Russia would repay its foreign currency debt only if its foreign currency accounts were unfrozen. Otherwise, Russia is ready to repay and service its foreign exchange obligations in rubles.