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Russia could default on its debt within days
Russia has sent the clearest signal yet that it will soon default — the first time it will have failed to meet its foreign debt obligations since the Bolshevik revolution more than a century ago.
London (CNN Business)Russia has sent the clearest signal yet that it will soon default — the first time it will have failed to meet its foreign debt obligations since the Bolshevik revolution more than a century ago.
Half of the country's foreign reserves — roughly $315 billion — have been frozen by Western sanctions imposed after the invasion of Ukraine, Russian finance minister Anton Siluanov said on Sunday. As a result, Moscow will repay creditors from "countries that are unfriendly" in rubles until the sanctions are lifted, he said.
The default could come as early as Wednesday, when Moscow needs to hand over $117 million in interest payments on dollar-denominated government bonds, according to JPMorgan Chase.
A default could drive the few remaining foreign investors out of Russia and further isolate the country's crumbling economy.
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So, who's going to shed a tear?
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I will say I'm starting to get a greater appreciation of the depth & ramifications of the sanctions levied.