"Russia defaulted on its foreign debt for the first time since 1918, pushed into delinquency not for lack of money but because of punishing Western sanctions over its invasion of Ukraine."
wsj.com/articles/sanct…
wsj.com/articles/sanct…
1/ "Russia missed payments on two foreign-currency #bonds as of late Sunday, according to holders of the bonds. The day marks the expiration of a 30-day grace period since the country was due to pay the equivalent of $100 million in dollars and euros to #bondholders."
2/ "Russia last failed to pay its foreign borrowing during the #BolshevikRevolution when #VladimirLenin, the newly installed communist leader, repudiated the debt of the Russian Empire."
3/ "Russia defaulted on its ruble-denominated bonds during a financial crisis in 1998, but it was able to stay current with its overseas debt at the time."
4/ "Finance Minister Anton Siluanov on Thursday said Western nations created barriers in order to 'hang the label ‘#default’' on Russia and called the situation a farce."
5/ "The default isn’t expected to have a widespread impact on Russia’s economy. Russia reduced #foreignborrowing in recent years, making itself less reliant on #foreigncapital. In the longer term, the default will make it harder for Russia to re-enter intl #financialmarkets."
• • •
Missing some Tweet in this thread? You can try to
force a refresh
