No restrictions on withdrawal of FX into which ruble-denominated payments on Russian Eurobonds to be converted - Siluanov

MOSCOW. June 17 (Interfax) - Investors who receive payments on sovereign Russian Eurobonds in rubles and convert them into FX will be able to withdraw these funds from Russia without restrictions, Russian Finance Minister Anton Siluanov said in an interview with RBC TV on the sidelines of the St. Petersburg International Economic Forum (SPIEF-2022).

"We have now prepared proposals, they have been submitted to the government, to settle our external obligations in rubles and to allow investors to come and convert these ruble funds into foreign currency at the rate at the time of execution of obligations. That is, at the end of this month, at the end of June, we will have the next coupon payment. We will make it, in rubles. An investor may receive it right away, or he may think about it and come back some time later," Siluanov said. Then the investor will be able to convert these rubles into the currency they want and "calmly withdraw them from the country," he said. "There are no restrictions," the minister said.

When asked whether this scheme would become subject of court proceedings, Siluanov said "those who wish to declare that Russia does not comply with the terms of the prospectus, will of course be found," and expressed the hope that the court will take all circumstances into account.

Siluanov also confirmed the Finance Ministry's plans to consider returning to the domestic borrowing market once the new construction of the fiscal rule is approved.

"We want to first determine the rules of the game for investors - to decide on the budget principles and rules. And in the second half of the year we are not ruling out a return to the domestic borrowing market. Especially since the rates on our bonds are going down and becoming acceptable," the minister said.