{"id":439442,"date":"2022-04-29T18:41:20","date_gmt":"2022-04-29T15:41:20","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/russia-scrambles-to-avoid-default-with-debt-payments-report\/"},"modified":"2022-04-29T18:41:20","modified_gmt":"2022-04-29T15:41:20","slug":"russia-scrambles-to-avoid-default-with-debt-payments-report","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/russia-scrambles-to-avoid-default-with-debt-payments-report\/","title":{"rendered":"#Russia scrambles to avoid default with debt payments: report"},"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-6a2a39ddbc4f2\" 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-6a2a39ddbc4f2\" 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-scrambles-to-avoid-default-with-debt-payments-report\/#%E2%80%9CRussia_scrambles_to_avoid_default_with_debt_payments_report%E2%80%9D\" >&#8220;Russia scrambles to avoid default with debt payments: report&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CRussia_scrambles_to_avoid_default_with_debt_payments_report%E2%80%9D\"><\/span>&#8220;Russia scrambles to avoid default with debt payments: report&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>Russia reportedly made a pair of overdue debt payments in US dollars on Friday \u2013 a move that came as the Kremlin scrambles to avoid what would be its first default on foreign obligations since World War I.<\/p>\n<p>Russia\u2019s Finance Ministry said it made a $564.8 million payment on a 2022 on a dollar-denominated bond said to mature this year and an $84.4 million payment on another bond set to mature in 2042.<\/p>\n<p>The decision to make the payments in dollars marked a reversal for the Kremlin, whose officials previously indicated they would cover the debt in Russian rubles.<\/p>\n<p>The ministry said it funneled the money for the bond payments to Citibank\u2019s London branch \u2013 though it\u2019s not clear if the funds will be cleared as the US and other western nations enact crippling economic sanctions on Russia over the invasion of Ukraine, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/europe\/russia-makes-last-gasp-dollar-bond-payments-bid-avoid-default-2022-04-29\/\">Reuters reported<\/a>.<\/p>\n<p>Credit agency Moody\u2019s previously warned that Russia had violated the terms of the two Eurobond contracts by attempting to pay in rubles. The installments were due on April 4.<\/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\/president-vladimir-putin.jpg?w=1024\" alt=\"Vladimir Putin\" class=\"wp-image-22083236\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/president-vladimir-putin.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/president-vladimir-putin.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/president-vladimir-putin.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>US sanctions aim to increase pressure on Vladimir Putin to end the war.<\/figcaption><figcaption><span class=\"credit\">SPUTNIK\/AFP via Getty Images<\/span><\/figcaption><\/figure>\n<p>In a statement earlier this month, Moody\u2019s noted the use of rubles \u201crepresents a change in payment terms relative to the original bond contracts and therefore may be considered a default\u201d unless Russia rectified the situation within a 30-day grace period ending on May 4.<\/p>\n<p>\u201cThe bond contracts have no provision for repayment in any other currency other than dollars,\u201d the credit agency added.<\/p>\n<p>Russia has not defaulted on its foreign debt since the Bolshevik revolution of 1917, according to Reuters. The country\u2019s last default of any kind occurred in 1998.<\/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\/bank-VTB-220221-01.jpg?w=1024\" alt=\"VTB bank branch\" class=\"wp-image-22083281\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/bank-VTB-220221-01.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/bank-VTB-220221-01.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/bank-VTB-220221-01.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Western sanctions disconnected many Russian banks from the SWIFT international payments systemn.<\/figcaption><figcaption><span class=\"credit\">REUTERS<\/span><\/figcaption><\/figure>\n<p>Russia has narrowly avoided a default on multiple occasions since the Ukraine war began in late February.<\/p>\n<p>US-led sanctions against the Kremlin included the ejection of Russian banks from the SWIFT international payments system, as well as other debilitating measures meant to increase pressure on Russian President Vladimir Putin and his allies.<\/p>\n<p>Russia has responded with economic penalties of its own \u2014 including a requirement that so-called \u201cunfriendly\u201d nations in Europe pay for Russian energy in rubles.<\/p>\n<p>In March, Russian officials said roughly $300 billion of its $640 billion in gold and foreign currency reserves were frozen and inaccessible.<\/p>\n<p>The Biden administration previously blocked Russia from making more than $600 million in sovereign debt payments using reserves held at American banks.\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\/29\/russia-scrambles-to-avoid-default-with-debt-payments-report\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Russia scrambles to avoid default with debt payments: report&#8221; Russia reportedly made a pair of overdue debt payments in US dollars on Friday \u2013 a move that came as the Kremlin scrambles to avoid what would be its first default on foreign obligations since World War I. Russia\u2019s Finance Ministry said it made a $564.8&#8230;<\/p>\n","protected":false},"author":1,"featured_media":439443,"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\/russian-banks-comp.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[128639,72134,91513,4975,70868,126128,73234],"class_list":["post-439442","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-4-29-22","tag-debt","tag-kremlin","tag-russia","tag-ukraine","tag-ukraine-war","tag-vladimir-putin"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/439442","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=439442"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/439442\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/439443"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=439442"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=439442"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=439442"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}