• Russia defaults on foreign debt for first time in a century

    International
    Russia defaults on foreign debt for first time in a century

    While Russia has been finding ways to avoid the sanctions imposed as a result of the invasion of Ukraine for months, it missed the deadline on Sunday night to comply with a 30-day grace period on interest payments that were initially due on May 27.

    Digital
    Desk: Russian defaulted on its foreign-currency sovereign debt for the first
    time in more than a century as a result of sanctions imposed by the West over
    its involvement in the Ukraine War, further alienating it from the global
    financial system. The Kremlin has resisted being designated as in default,
    claiming that the West's closure of its payment channels to foreign creditors
    has forced it into non-payment even though it has the resources to do so.



    Russian
    Finance Minister Anton Siluanov stated last month that "there is money and
    there is also the readiness to pay." The quality of life for Russians
    won't be impacted by this fake crisis that a hostile nation has created.



     



    While
    Russia has been finding ways to avoid the sanctions imposed as a result of the
    invasion of Ukraine for months, it missed the deadline on Sunday night to
    comply with a 30-day grace period on interest payments that were initially due
    on May 27.



     



    Here's all you need to know about the debt default:



     



    ·        
    About
    half of the $40 billion in foreign bonds that Russia owes to foreigners. A
    large portion of its gold and foreign currency holdings were kept abroad and
    are currently frozen.



     



    ·        
    When
    the Russian Empire fell and the Soviet Union was founded after the Bolshevik
    Revolution, Russia last defaulted on its international debt.



     



    ·        
    During
    the financial crisis and currency collapse of 1998, Russia went into default on
    $40 billion of its domestic loans. but with the aid of foreign assistance was
    able to recover from that default.



     



    ·        
    Rating
    companies would typically issue a formal statement of default, but because of
    the European sanctions, they have stopped rating Russian entities. If the
    holders of 25% of the outstanding bonds concur that a "Event of
    Default" has taken place, the bondholders may now act on their own.



     



    ·        
    Analysts
    are cautiously predicting that the failure would not have the same kind of
    impact on international financial markets and institutions as did an earlier
    default in 1998, according to the Associated Press.



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