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Russia’s punctuality with creditors enhances its reputation - Sberbank CEO

Russia’s punctuality with creditors enhances its reputation - Sberbank CEO
Russia is demonstrating its reliability and strengthening its good reputation with foreign creditors as it punctually fulfills all the obligations despite Western sanctions, said Herman Gref, the head of Russia’s largest bank Sberbank.

"They [foreign creditors – Ed.] are impressed that despite all the sanctions Russia continues to punctually fulfill all of its obligations," Gref told Rossiya 24 TV channel.

He added that all the Russian companies under Western sanctions are paying their debts, although they could formally request restructuring by the creditors on the basis of the restrictions imposed on them.

"I think this will work for our reputation in the long-term," said the Sberbank CEO.

Gref also said that on the contrary Ukraine has permanently damaged its reputation by declaring a moratorium on the $3 billion Russian debt payment.

READ MORE: Moscow lawyers up to take Kiev to court over debt

On Monday, the Russian Prime Minister ordered the Cabinet to have lawyers prepare a legal case against Ukraine if it fails to repay the debt within a 10-day grace period after the December 20 deadline.

Kiev imposed a moratorium last week on debt repayments to Russia, until the Ukrainian government “makes restructuring proposals or a relevant court decision comes out.”

Ukraine’s sovereign debt to Russia dates back to a deal between President Vladimir Putin and former Ukrainian President Viktor Yanukovich that was struck in 2013 and envisaged Moscow buying $15 billion worth of Ukrainian bonds.Russia bought $3 billion worth in December 20, 2013, and the debt was supposed to be redeemed on December 20, 2015.