Russian natural or legal persons with creditors in one of the 51 countries officially considered by Moscow as “hostile” will be able to repay their debts in rubles, Vladimir Putin’s government has decided. The dollar’s monopoly in international resource trade is clearly targeted.
On March 7, the Russian government approved a list of foreign states and territories “who commit unfriendly acts against Russia, Russian companies and citizens”reports the pro-Kremlin Russian newspaper Vzgliadwhich details the list of fifty-one countries:
“The list includes Albania, Andorra, Australia, Great Britain including Jersey, Anguilla, British Virgin Islands, Gibraltar, European Union member states, Canada, Iceland, Japan, Liechtenstein, Micronesia, Monaco, Montenegro, Norway, New Zealand, Republic of Korea, San Marino, North Macedonia, Singapore, Switzerland, Taiwan, Ukraine, United States.”
In concrete terms, the Russian state, regions, municipalities, companies and nationals with “currency debts to foreign creditors on the list of hostile countries will be able to repay them in rubles”.
The debtor may thus “ask a Russian bank to create a special ruble account denominated “S” [qui signifie l’impossibilité pour le créancier de convertir le montant en devises étrangères] in the name of the foreign creditor and to transfer there payments in ruble equivalent at the bank’s exchange rate
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Alda Engoian