• ABOUT US
    • History
    • Our Team
    • Advertising
    • Subscription
  • CONTACT US
Georgia Today
No Result
View All Result
  • News
  • Politics
  • Business & Economy
  • Social & Society
  • Sports
  • Culture
  • News
  • Politics
  • Business & Economy
  • Social & Society
  • Sports
  • Culture
No Result
View All Result
Georgia Today
No Result
View All Result

Bloomberg: Russia Defaults on Foreign Debt for First Time Since 1918

by Georgia Today
June 27, 2022
in Business & Economy, Highlights
Reading Time: 2 mins read
Bloomberg: Russia Defaults on Foreign Debt for First Time Since 1918

Russia has defaulted on its foreign-currency sovereign debt for the first time in a century, the culmination of ever-tougher Western sanctions that shut down payment routes to overseas creditors, reports Bloomberg.

“For months, the country found paths around the penalties imposed after the Kremlin’s invasion of Ukraine. But at the end of the day on Sunday, the grace period on about $100 million of snared interest payments due May 27 expired, a deadline considered an event of default if missed.

“It’s a grim marker in the country’s rapid transformation into an economic, financial and political outcast. The nation’s eurobonds have traded at distressed levels since the start of March, the central bank’s foreign reserves remain frozen, and the biggest banks are severed from the global financial system.

“But given the damage already done to the economy and markets, the default is also mostly symbolic for now, and matters little to Russians dealing with double-digit inflation and the worst economic contraction in years.

“Russia has pushed back against the default designation, saying it has the funds to cover any bills and has been forced into non-payment. As it tried to twist its way out, it announced last week that it would switch to servicing its $40 billion of outstanding sovereign debt in rubles, criticizing a “force-majeure” situation it said was artificially manufactured by the West,” reads the article.

“It’s a very, very rare thing, where a government that otherwise has the means is forced by an external government into default,” said Hassan Malik, senior sovereign analyst at Loomis Sayles & Company LP. “It’s going to be one of the big watershed defaults in history.”

Source: Bloomberg

Tags: BloombergSanctions against Russia
ShareShareTweet

Related Posts

Ukraine Latest: US and Germany to Send Tanks to Ukraine
Newspaper

Ukraine Latest: US and Germany to Send Tanks to Ukraine

January 26, 2023
Hidden Treasure: XVII Century Wine Bar-Restaurant Archive in Old Tbilisi
Newspaper

Hidden Treasure: XVII Century Wine Bar-Restaurant Archive in Old Tbilisi

January 26, 2023
Bp and British Council Award Georgian Journalists
Newspaper

Bp and British Council Award Georgian Journalists

January 26, 2023

Recommended

Georgian Foreign Minister Holds Farewell Meeting with French Ambassador to Georgia

Georgian Foreign Minister Holds Farewell Meeting with French Ambassador to Georgia

4 months ago
Natia Mezvrishvili on Dealing with 2 Political Giants

Natia Mezvrishvili on Dealing with 2 Political Giants

10 months ago
Giorgi Gakharia: We were Told We Were Capable of Nothing – It’s All a Lie and Ukraine is a Great Example of This

Giorgi Gakharia: We were Told We Were Capable of Nothing – It’s All a Lie and Ukraine is a Great Example of This

11 months ago
GT Interview with Giorgi Badridze

GT Interview with Giorgi Badridze

11 months ago
Russo-Ukrainian War and Georgia – Analysis from security expert Kakha Kemoklidze

Russo-Ukrainian War and Georgia – Analysis from security expert Kakha Kemoklidze

11 months ago

Navigation

  • News
  • Politics
  • Business & Economy
  • Social & Society
  • Sports
  • Culture
  • International
  • Where.ge
  • Newspaper
  • Magazine
  • GEO
  • OP-ED
  • About Us
    • History
    • Our Team
    • Advertising
    • Subscription
  • Contact

Highlights

Ukraine’s Chargé d’Affaires Suggests Ukrainians be Evacuated from Georgia

Administration: President’s Words Being Systematically Distorted, Misleading Public

Eight Countries Join Tightened EU Sanctions against Russia

Kharkiv Mayor, Lviv Governor Send Thank-you Letter to Georgian FM

Carl Bildt: Refusal of Regime to Allow Saakashvili Proper Treatment Abroad Truly Shameful

Two Injured in Sagarejo Shooting Now Stable

Trending

No Content Available
  • Where.ge
  • Newspaper
  • GEO
  • Magazine
  • Old Website

2000-2022 © Georgia Today

No Result
View All Result
  • News
  • Politics
  • Business & Economy
  • Social & Society
  • Sports
  • Culture
  • International
  • Where.ge
  • Newspaper
  • Magazine
  • GEO
  • OP-ED
  • About Us
    • History
    • Our Team
    • Advertising
    • Subscription
  • Contact

2000-2022 © Georgia Today