"It looks like the banks have complied with international sanctions and have withheld payment," said Chris Weafer, a veteran Russian economy analyst at consulting firm Macro-Advisory.
Russia has not defaulted on its international debts since the Bolshevik Revolution, when the Russian Empire collapsed and the Soviet Union was created. Russia defaulted on its domestic debts in the late 1990s but was able to recover from that default with the help of international aid. The Credit Derivatives Determinations Committees — an industry group of banks and investment funds — would likely flag a"credit event," Peach said.
But sanctions bar dealings with Russia's finance ministry. And no one knows when the war will end or how much defaulted bonds could wind up being worth. Once a country defaults, it can be cut off from bond-market borrowing until the default is sorted out and investors regain confidence in the government's ability and willingness to pay. But Russia has already been cut off from Western capital markets, so any return to borrowing is a long way off anyway.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Russia defaults on foreign debt for first time since 1918 following sanctionsRussia has defaulted on its foreign-currency sovereign debt for the first time since 1918 because of Western sanctions imposed over its invasion of Ukraine.
Source: FoxBusiness - 🏆 458. / 53 Read more »
West pushes Russia into its first foreign debt default since 1918Russia has defaulted on its foreign debt for the first time since the Bolshevik revolution more than a century ago. Now bloody hypocrites in power don't allow their citizens to get their income on Russia bonds. Who calls this a default never worked in finance or banking, Russia has the money ready and plenty available but the DOJ blocked them from making any payment. This is risible and unethical to say the least. I really don't think it matters.
Source: cnni - 🏆 326. / 59 Read more »
Russia strikes Kyiv as Western leaders meet in EuropeWSYX ABC 6 is On Your Side, providing local news, first warning weather forecasts and alerts, traffic updates, consumer advocacy, and the latest information about sports, politics, law enforcement, community events, government waste, and much more, including ABC network news and entertainment programming. WSYX proudly serves Columbus and nearby towns and communities in central Ohio, including Dublin, Westerville, Clintonville, Upper Arlington, Grove City, Canal Winchester, Pickerington, Grandview Heights, Reynoldsburg, New Albany, Hillard, Sunbury, Delaware, Worthington, Whitehall, Powell, Lewis Center, Gahanna, Johnstown, Granville, Pataskala, Groveport, Heath, Newark, Baltimore, Lancaster, London, Marysville, Zanesville, Mt. Vernon, Mt Gilead, Marion, Kenton, Bellefontaine, Galena, Gallion, Bexley, Circleville, and Chillicothe.
Source: wsyx6 - 🏆 444. / 53 Read more »
Russia strikes Kyiv as Western leaders meet in EuropeRussia has shattered weeks of relative calm in Ukraine's capital with a missile attack as Western leaders meeting in Europe prepared to reaffirm their support for Ukraine and condemnation of Russia.
Source: wjxt4 - 🏆 246. / 63 Read more »