{"id":454135,"date":"2022-05-27T18:27:31","date_gmt":"2022-05-27T15:27:31","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/russian-debt-default-likely-for-pariah-kremlin-white-house-says\/"},"modified":"2022-05-27T18:27:31","modified_gmt":"2022-05-27T15:27:31","slug":"russian-debt-default-likely-for-pariah-kremlin-white-house-says","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/russian-debt-default-likely-for-pariah-kremlin-white-house-says\/","title":{"rendered":"#Russian debt default likely for &#8216;pariah&#8217; Kremlin, White House says"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 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-6a389c5507ea0\" 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-6a389c5507ea0\" 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\/russian-debt-default-likely-for-pariah-kremlin-white-house-says\/#%E2%80%9CRussian_debt_default_likely_for_%E2%80%98pariah_Kremlin_White_House_says%E2%80%9D\" >&#8220;Russian debt default likely for &#8216;pariah&#8217; Kremlin, White House says&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CRussian_debt_default_likely_for_%E2%80%98pariah_Kremlin_White_House_says%E2%80%9D\"><\/span>&#8220;Russian debt default likely for &#8216;pariah&#8217; Kremlin, White House says&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>The White House said Russia is likely on the verge of default Friday after the US allowed a key payment waiver to expire \u2013 a development that a top Biden official hailed as an indication of the Kremlin\u2019s increasing isolation from the global economy following its invasion of Ukraine.<\/p>\n<p>The likelihood of a Russian default increased this week after the waiver expired, ensuring that US banks and individuals could no longer accept bond payments from the Russian government. Russia faced a Friday deadline to make $100 million in bond payments on foreign debt or risk default.<\/p>\n<p>\u201cThis means that Russia will likely fail to meet its obligation and face default, an enduring sign of their status as a pariah in the global financial system,\u201d White House Press Secretary Karine Jean-Pierre <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.whitehouse.gov\/briefing-room\/press-briefings\/2022\/05\/26\/press-briefing-by-press-secretary-karine-jean-pierre-may-26-2022\/\">told reporters<\/a> during his Thursday briefing.<\/p>\n<p>\u201cWe expect the impact of the US and the global economy to be minimal given Russia has already been isolated financially,\u201d Jean-Pierre added. \u201cThat being said, Treasury Department continues to monitor and have conversations with the global financial community.\u201d<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/Russian-rubles-78.jpg?w=1024\" alt=\"Russian rubles\" class=\"wp-image-22437055\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/Russian-rubles-78.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/Russian-rubles-78.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/Russian-rubles-78.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Russia is at risk of default for the first time since World War I.<\/figcaption><figcaption><span class=\"credit\">Anadolu Agency via Getty Images<\/span><\/figcaption><\/figure>\n<p>Russia began transferring the money required to cover the debt last week as US officials indicated they would allow the waiver to expire, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-24\/russia-edges-closer-to-default-as-us-says-key-waiver-will-expire\">Bloomberg<\/a> reported. The majority of the money due is tied to a dollar-denominated bond set to mature in 2026 \u2013 the terms of which do not allow repayment in Russian rubles.<\/p>\n<p>The Kremlin has indicated it plans to cover the debt in rubles anyway \u2013 a move that could cause Russia to default on its foreign debt obligations for the first time since World War I.<\/p>\n<p>Russia Finance Minister Anton Siluanov described the dilemma as an \u201cartificial situation created by an unfriendly nation,\u201d according to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-25\/russia-to-service-dollar-debt-in-rubles-after-us-closes-loophole\">Bloomberg<\/a>. He added that Russia has \u201cthe money and the willingness to pay.\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\/05\/gas-84-1.jpg?w=1024\" alt=\"biden\" class=\"wp-image-22437685\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/gas-84-1.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/gas-84-1.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/gas-84-1.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>The likelihood of a Russian default increased this week after the waiver expired, ensuring that US banks and individuals could no longer accept bond payments from the Russian government.<\/figcaption><figcaption><span class=\"credit\">AP<\/span><\/figcaption><\/figure>\n<p>In April, Credit agency Moody\u2019s warned that efforts by Russia to cover dollar-denominated bond payments in rubles would likely trigger a default. If Russia misses the Friday deadline, it would have a 30-day grace period to rectify the situation.<\/p>\n<p>Russia narrowly avoided a default last month after it made a pair of overdue debt payments. At the time, Russia\u2019s Finance Ministry said it made a $564.8 million payment on a 2022 on a dollar-denominated bond set to mature this year and an $84.4 million payment on another bond set to mature in 2042.<\/p>\n<p>Kremlin officials initially set they would make the payments in rubles, only to reverse course and cover the debt in dollars.<\/p>\n<p>Russia hasn\u2019t defaulted on its foreign debt since the Bolshevik revolution of 1917, according to Reuters. The Kremlin\u2019s last default of any type occurred in 1998.\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\/05\/27\/russian-debt-default-likely-for-pariah-kremlin-white-house-says\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Russian debt default likely for &#8216;pariah&#8217; Kremlin, White House says&#8221; The White House said Russia is likely on the verge of default Friday after the US allowed a key payment waiver to expire \u2013 a development that a top Biden official hailed as an indication of the Kremlin\u2019s increasing isolation from the global economy following&#8230;<\/p>\n","protected":false},"author":1,"featured_media":454136,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/Russian-rubles-81-1.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[129681,72134,91513,4975,126128,73234],"class_list":["post-454135","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-5-27-22","tag-debt","tag-kremlin","tag-russia","tag-ukraine-war","tag-vladimir-putin"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/454135","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=454135"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/454135\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/454136"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=454135"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=454135"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=454135"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}