Posted on Apr 13, 2022
3 things to know as Russia heads to a historic debt default
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Posted 2 y ago
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PO1 William "Chip" Nagel
..."Is a default now inevitable?
It's looking increasing likely.
Russia says it wants to pay foreign investors, but it argues it can't do that in dollars because of the sanctions.
The U.S. and its allies have imposed a number of wide-ranging sanctions on Russian financial institutions and have prevented many global banks from working with Russia. They have also restricted Russia's ability to tap its more than $600 billion in foreign exchange reserves.
So the U.S. has indeed made it exceedingly difficult for Russia to make those scheduled payments in dollars, as part of its efforts to isolate the country from the global financial system."...
..."Is a default now inevitable?
It's looking increasing likely.
Russia says it wants to pay foreign investors, but it argues it can't do that in dollars because of the sanctions.
The U.S. and its allies have imposed a number of wide-ranging sanctions on Russian financial institutions and have prevented many global banks from working with Russia. They have also restricted Russia's ability to tap its more than $600 billion in foreign exchange reserves.
So the U.S. has indeed made it exceedingly difficult for Russia to make those scheduled payments in dollars, as part of its efforts to isolate the country from the global financial system."...
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