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West pushing Russia into foreign debt default
#1
Published: June 28, 2022


A 30-day grace period for Russia’s payment of $100 mln in interest on eurobonds expired on June 27 but bondholders did not get the money, which creates grounds for a default, Bloomberg claimed. The Kremlin and the Russian Finance Ministry refused to confirm it as a fact because the country had made a payment but foreign infrastructure facilities failed to pass it through, Izvestia notes.

Legally, a default can be declared by rating agencies or 25% of investors based on a court ruling, Finam Analyst Alexey Kovalev explained. According to him, this time, it was Bloomberg that actually announced Russia’s default.

Unsurprisingly, it was widely covered in the Western media who described it as a result of the sanctions on Moscow, regardless of whether it really happened or not, the expert said.

Russia’s current ‘default’ is unique and completely artificial because the country has the money and the will to pay its foreign debts, Sovcombank Chief Analyst Mikhail Vasilyev told Vedomosti. "The West has deliberately pushed Russia into a default by making it impossible to pay the debt," the economist pointed out, adding that the situation was perfectly clear to all financial market participants. The expert does not see any serious consequences for Russia as a borrower because the country has been blocked off from the Western financial system since the start of the conflict in Ukraine. Russia has an abundance of dollars and euros based on the current-account surplus in its balance of payments so there is no need for external borrowing at the moment.

If the default is eventually recognized, the main risks for Russia will stem from the possibility of a cross default on its other foreign obligations and attempts to collect debts by seizing assets, Chief Economist at Otkritie Bank Maxim Petronevich stressed. However, given that Russia’s already frozen assets ($300 bln) many times exceed this amount, it does not change the situation much.



https://tass.com/pressreview/1472357



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West celebrates Russia's artificial default

Published: June 28, 2022


Western media is over the moon with claims of Russia's default as Moscow insists that all bond payments were made on time.


Video at:

https://rumble.com/v1aabs2-west-celebrat...fault.html
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