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Russia to use yuan from its forex reserves, finance minister says -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: Russian Finance Minister Anton Siluanov delivers a speech throughout a session of the decrease home of parliament in Moscow, Russia March 11, 2020. REUTERS/Evgenia Novozhenina/File Photograph

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(Reuters) – Russia will use from its international trade reserves after Western sanctions blocked Moscow’s entry to the U.S. {dollars} and euros within the reserves, Finance Minister Anton Siluanov mentioned on Monday.

The finance ministry will instruct the cost of a coupon on a sovereign Eurobond situation due on Wednesday in international foreign money however cost may alternatively be made in roubles if the foreign exchange cost request is rejected by Western banks, he mentioned.

From Russia’s viewpoint, paying a Eurobond coupon in roubles would nonetheless imply the federal government is fulfilling its international debt obligations, Siluanov added.

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