Russia to make foreign debt payments in rubles —ministry

The US Treasury announced Tuesday it was closing the escape clause to the drastic financial sanctions imposed on Moscow after it sent troops to Ukraine, pushing Russia closer to default.

Punishing Western sanctions on Russia have largely severed the country from the international financial system, including blocking Moscow's ability to access funds held in US banks to pay its foreign creditors. "Now we have money and a desire to make payments, too," the minister said, adding that the step would not affect Russians' quality of life.

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