Russia has defaulted on its foreign debt because it offered bondholders payments in rubles, not dollars, credit ratings agency S&P has said.
Highlights
- Russia has defaulted on its foreign debt because it offered bondholders payments in rubles, not dollars, credit ratings agency S&P has said.
- Russia has a grace period of 30 days from April 4 to make the payments of capital and interest, but it does not expect it will convert them into dollars.
- Russia cannot access roughly $315 billion of its foreign currency reserves as a result of Western sanctions imposed following its invasion of Ukraine.
- Russia is now planning legal action against the US Treasury and plans to go to court.
- Russia’s central bank has decided to relax some other restrictions, according to data from Refinitiviv.
- That is about 5% weaker than on Saturday.