Russia to sell precious stones to repay debts in 2003

The Russian Finance Ministry is planning to sell precious metals and stonesworth up to RUR32bn (about $1.01bn) from the coffers of the StateDepository for Precious Metals in 2003, says a draft of the Russian federalbudget for next year. The sales proceeds will be allocated for thereduction of Russia's debts. Earlier Russian Finance Minister Alexey Kudrin unveiled the intention tosell precious metals and stones for an extra RUR20bn (about $633.5m). Thevolume of foreign debt servicing that Russia is due to pay to its creditorsin 2003 is $17.3bn..