For the First Time Since 1918, Russia Has Defaulted on its Foreign Debt

By IndraStra Global News Team

For the First Time Since 1918, Russia Has Defaulted on its Foreign Debt

For several months, Russia looked for loopholes in the sanctions imposed due to the Kremlin's invasion of Ukraine. As a result, the grace period for around $100 million in linked interest payments due on May 27 ended at the end of the business day on Sunday.

Russia defaulted on its foreign-currency sovereign debt for the first time in a century, culminating in increasingly severe Western sanctions that cut off payment lines to foreign creditors.

After the Kremlin invaded Ukraine, sanctions were put in place. But for months, the country found ways to get around them. Finally, at the end of the day on Sunday, the grace period for about $100 million in snagged interest payments due on May 27 ended. If these payments were not made on time, it would be considered an event of default.

It is a bleak indicator of the nation's swift metamorphosis into an economic, financial, and political pariah. Since the beginning of March, the nation's Eurobonds have traded at distressed levels, the central bank's foreign reserves remain frozen, and the largest banks are disconnected from the global financial system.

Russia: Inflation rate from May 2021 to May 2022(compared to the same month of the previous year)
Chart Attribute: Russia: Inflation rate from May 2021 to May 2022(compared to the same month of the previous year) / Source: Statista

Because of the damage that has already been done to the economy and the markets, the default is also primarily symbolic for the time being. It doesn't make much of a difference to Russians coping with inflation in the double digits and the worst economic recession in years.

Russia has pushed back against the default designation, stating that it has the cash to settle any payments and that it has been forced into non-payment due to external pressure. As Russia attempted to find a way out of its predicament, it announced the week before last that it would begin servicing its $40 billion of outstanding sovereign debt in rubles. At the same time, it criticized a "force-majeure" situation that it claimed was manufactured artificially by the West.

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IndraStra Global: For the First Time Since 1918, Russia Has Defaulted on its Foreign Debt
For the First Time Since 1918, Russia Has Defaulted on its Foreign Debt
By IndraStra Global News Team
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