{"id":425817,"date":"2022-04-01T18:39:32","date_gmt":"2022-04-01T15:39:32","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/russia-once-again-avoids-bond-default-with-447m-payment\/"},"modified":"2022-04-01T18:39:32","modified_gmt":"2022-04-01T15:39:32","slug":"russia-once-again-avoids-bond-default-with-447m-payment","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/russia-once-again-avoids-bond-default-with-447m-payment\/","title":{"rendered":"#Russia once again avoids bond default with $447M payment"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a276aa32adfc\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a276aa32adfc\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/russia-once-again-avoids-bond-default-with-447m-payment\/#%E2%80%9CRussia_once_again_avoids_bond_default_with_447M_payment%E2%80%9D\" >&#8220;Russia once again avoids bond default with $447M payment&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CRussia_once_again_avoids_bond_default_with_447M_payment%E2%80%9D\"><\/span>&#8220;Russia once again avoids bond default with $447M payment&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>Russia once again avoided a default on its foreign debt as the Kremlin transferred a $447 million bond payment.<\/p>\n<p>The payment was processed by JPMorgan, which is Russia\u2019s foreign correspondent bank. It was then transferred to the admin agent, which in this instance is BNY Mellon, sources familiar with the matter told The Post.<\/p>\n<p>JPMorgan got the go-ahead from the Biden administration, which imposed sanctions on the Russian economy following President Vladimir Putin\u2019s invasion of Ukraine, before processing the payment, Markets Insider reported. <\/p>\n<p>JPMorgan and BNY Mellon both declined to comment when reached by The Post.<\/p>\n<p>Holders of Russian bonds will receive $87.5 million in coupons as well as $359 million in principal payments.<\/p>\n<p>Since Russia was hit with sanctions, bond payments are taking longer to be processed through the system.<\/p>\n<p>This is the second time in as many months that Russia avoided defaulting on its debt.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/russia-bank-atm-line-people.jpg?w=1024\" alt=\"The Russian government continues to service its debt despite hard-hitting sanctions imposed by the West.\" class=\"wp-image-21743378\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/russia-bank-atm-line-people.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/russia-bank-atm-line-people.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/russia-bank-atm-line-people.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>The Russian government continues to service its debt despite hard-hitting sanctions imposed by the West.<\/figcaption><figcaption><span class=\"credit\">EPA<\/span><\/figcaption><\/figure>\n<p>Investors breathed a sigh of relief last month after the Russian government\u00a0made a $117 million interest payment on its foreign debt. <\/p>\n<p>But a much bigger payment comes due April 4 \u2014 to the tune of $2.2 billion \u2014 and creditors are far less optimistic Russia will pony up this time.<\/p>\n<p>\u201cThe last payment was a small investment in credibility, but when Russia has to start writing billion-dollar checks, it\u2019s a different calculation,\u201d Jay Newman, former Elliott Management portfolio manager and author of \u201cUndermoney,\u201d told The Post. <\/p>\n<p>\u201cI don\u2019t think it\u2019s realistic that Russia comes up with the $2.2 billion.\u201d<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/ukraine-war-soldier-russian-tank-2.jpg?w=1024\" alt=\"The United States and the European Union imposed sanctions on Russia after it launched an invasion of Ukraine.\" class=\"wp-image-21743379\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/ukraine-war-soldier-russian-tank-2.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/ukraine-war-soldier-russian-tank-2.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/ukraine-war-soldier-russian-tank-2.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>The US and European Union imposed sanctions on Russia after it launched an invasion of Ukraine.<\/figcaption><figcaption><span class=\"credit\">AFP via Getty Images<\/span><\/figcaption><\/figure>\n<p>But Putin\u2019s top spokesperson dismissed talk of a Russian default, saying his government has the necessary funds to meet its obligations to creditors.<\/p>\n<p>\u201cThe fact is that from the very beginning we have said that Russia has all the necessary funds and potential to prevent a default \u2014 there can be no defaults,\u201d Kremlin spokesman Dmitry Peskov told Reuters on March 17.\u00a0<\/p>\n<p>\u201cAny default that could arise would have an entirely artificial character.\u201d\u00a0<\/p>\n<p>Newman is not alone in his belief that Russia may fail to make the multibillion-dollar payment in April.<\/p>\n<p>\u201cI expect a full default of Russian debt,\u201d Robert Kahn of political risk consulting firm Eurasia Group told The Post. \u201cIt\u2019s a political \u2014 not just economic \u2014 issue. Why do they want to pay us back when we\u2019re extraditing them from the economic system?\u201d<\/p>\n<p>While Russia owes US banks almost $15 billion, economists don\u2019t expect a default on debt would significantly tank global markets over the long term. According to the International Monetary Fund, Russia\u2019s relative isolation from the rest of the world makes it \u201cnot systemically relevant.\u201d\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/04\/01\/russia-once-again-avoids-bond-default-with-447m-payment\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Russia once again avoids bond default with $447M payment&#8221; Russia once again avoided a default on its foreign debt as the Kremlin transferred a $447 million bond payment. The payment was processed by JPMorgan, which is Russia\u2019s foreign correspondent bank. It was then transferred to the admin agent, which in this instance is BNY Mellon,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":425818,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/vladimir-putin-ukraine-war-russia-atm.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[127411,4975,100685,71523,70868,126128,73234],"class_list":["post-425817","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-4-1-22","tag-russia","tag-russians","tag-sanctions","tag-ukraine","tag-ukraine-war","tag-vladimir-putin"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/425817","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=425817"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/425817\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/425818"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=425817"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=425817"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=425817"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}