Russia Defaults on Foreign Debt for First Time in Over 100 Years |
 https://www.daybreakinsider.com/wp-content/uploads/2022/06/2022-06-22T161454Z_1_LYNXMPEI5L0SS_RTROPTP_4_RUSSIA-PUTIN-1024x683.jpg 1024w, https://www.daybreakinsider.com/wp-content/uploads/2022/06/2022-06-22T161454Z_1_LYNXMPEI5L0SS_RTROPTP_4_RUSSIA-PUTIN-768x512.jpg 768w, https://www.daybreakinsider.com/wp-content/uploads/2022/06/2022-06-22T161454Z_1_LYNXMPEI5L0SS_RTROPTP_4_RUSSIA-PUTIN-1536x1024.jpg 1536w, https://www.daybreakinsider.com/wp-content/uploads/2022/06/2022-06-22T161454Z_1_LYNXMPEI5L0SS_RTROPTP_4_RUSSIA-PUTIN-2048x1365.jpg 2048w, https://www.daybreakinsider.com/wp-content/uploads/2022/06/2022-06-22T161454Z_1_LYNXMPEI5L0SS_RTROPTP_4_RUSSIA-PUTIN-600x400.jpg 600w, https://www.daybreakinsider.com/wp-content/uploads/2022/06/2022-06-22T161454Z_1_LYNXMPEI5L0SS_RTROPTP_4_RUSSIA-PUTIN-450x300.jpg 450w" alt="" width="400" height="auto" />BBC: Russia is believed to have defaulted on its debt for the first time since 1998 after missing a key deadline. Russia has the money to make a $100m payment, which was due on Sunday, but sanctions made it impossible to get the sum to international creditors. The country had been determined to avoid the default, which is a major blow to the nation’s prestige. Kremlin spokesperson Dmitry Peskov, said “statements of a default were absolutely unjustified”. He added that an intermediary bank had withheld the money and that the reserves were blocked “unlawfully” (BBC). Wall Street Journal: Litigation over the lack of payment could span years. Russia has accused the West of manufacturing an artificial default, and has gone to great lengths in recent months to route money in roundabout ways to get the required payments into the hands of bondholders… Russia has plenty of money from oil and gas sales to pay its foreign debts, which are relatively small compared with the size of its economy. But allied Western governments have blocked the Kremlin’s ability to tap foreign bank accounts or use cross-border payment networks to move money (Wall Street Journal). |
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I believe they meant 1918 not 1998, regardless....it's a pissing match.