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Russia to Use Yuan From Its Forex Reserves, Finance Minister Says – U.S. News & World Report

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(Reuters) – Russia will use Chinese yuan from its foreign exchange reserves after Western sanctions blocked Moscow’s access to the U.S. dollars and euros in the reserves, Finance Minister Anton Siluanov said on Monday.

The finance ministry will instruct the payment of a coupon on a sovereign Eurobond issue due on Wednesday in foreign currency but payment could alternatively be made in roubles if the forex payment request is rejected by Western banks, he said.

From Russia’s point of view, paying a Eurobond coupon in roubles would still mean the government is fulfilling its foreign debt obligations, Siluanov added.

(Reporting by Reuters; Editing by Gareth Jones)

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