Moscow Allows Russians To Repay Debts To 'Hostile' Nations In Rubles

Moscow will temporarily allow Russian companies and individuals to repay debts to foreign creditors from a new list of "hostile" nations in rubles, the government said Monday.

The list includes the United States, European Union member states, Australia, Britain, Canada, Monaco, South Korea, Switzerland and Japan.

The move is one of Russia's first counter-measures against Western nations over sanctions imposed on Moscow following its invasion of Ukraine.

The sanctions have caused the ruble to sink to historic lows.

The list of hostile nations was prepared following a presidential decree on Friday which established a "temporary procedure" for the repayment of debts "towards certain foreign creditors".

A special bank account in rubles can now be created in a Russian bank to send payments to a foreign creditor at the daily exchange rate set by the central bank.

The temporary move applies to payments of more than 10 million rubles ($72,000) per month.