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Belarus Joins Russia Paying Rubles for Its Foreign Debts

  • Using Belarusian rubles is ‘forced measure’ after sanctions
  • So far, payments apply to loans from EBRD and World Bank
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Russia Says Foreign Banks Rejected $649.2M Bond Payment

Belarus will switch to servicing foreign debts from international aid banks in local currency after sanctions over its role in the invasion of Ukraine hampered payments. 

The government has been driven to using Belarusian rubles to service loans owed to the World Bank, the European Bank for Reconstruction and Development and the Nordic Investment Bank, it said in a statement on its official Telegram channel. The announcement follows President Alexander Lukashenko’s decree in March authorizing the use of the local currency for debt payments.