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Russia Defaults on Foreign Debt Following Sanctions

Video Credit: Wibbitz Top Stories - Duration: 01:31s - Published
Russia Defaults on Foreign Debt Following Sanctions

Russia Defaults on Foreign Debt Following Sanctions

Russia Defaults on Foreign Debt , Following Sanctions.

Fox News reports Russia failed to make two payments by June 26, .

Resulting in the country defaulting on its foreign debt for the first time since 1918.

However, the country is saying the default is artificial since it has the funds to pay, .

But its foreign currency reserves have been frozen due to sanctions imposed over its war with Ukraine.

There is money and there is also the readiness to pay.

, Anton Siluanov, Russian Finance Minister, via Fox News.

This situation, artificially created by an unfriendly country, will not have any effect on Russians’ quality of life, Anton Siluanov, Russian Finance Minister, via Fox News.

Fox News reports that Russia owes close to $40 billion in foreign bonds, half of which is due to foreigners.

Before sanctions were imposed on the country, it held about $640 billion in foreign currency and gold reserves.

.

Fox News reports that the international community came to Russia's aid in the 1990s when it defaulted on domestic debts.

But considering much of the world disapproves of Putin's war with Ukraine, such help seems unlikely today


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