Haberler      English      العربية      Pусский         Kurdî      Türkçe Delivering News and Insights Around the World Keltis
  En.Haberler.Com - Latest News
SEARCH IN NEWS:
  HOME PAGE 12/08/2022 20:35 
28.06.2022 11:42 News >> Russia Defaults On Foreign Debts: Moody's

Russia Defaults On Foreign Debts: Moody's

Moody's defines Russia's Eurobond payments in ruble instead of dollar as default.

Global rating agency Moody's announced that Russia has defaulted on to foreign debts worth $100 million.

According to a Moody's statement on late Monday, holders of Russia's sovereign debt had not received payments by the time.
"The failure of these payments to reach bondholders follows the expiry of the general license of the United States' Office of Foreign Assets Control on 25 May, which, until then, had allowed US financial institutions involved in the payments to continue to process them," the agency said.

Russia has announced that it will pay foreign debts in rubles.
Moody's said: "We have held the view that we would likely treat payments in rubles as a default for bonds that do not allow for such redenomination in the contractual terms.
"Eurobonds issued by Russia after 2018 allow under certain conditions for repayments to be made in rubles. However, eurobonds issued before 2018 either do not contain this alternative currency clause or allow for repayments to be made only in other hard currencies."
It stressed that there were already two defaults on unrated debts issued by Russia since the beginning of its war on Ukraine.
Moody's added that Russia did not pay nonresident's government bonds, due on March 2, because of its central bank's prohibitions payments for nonresidents. "Such an event constitutes a default on the unrated debt under our definition."
"The Ministry of Finance of the Russian Federation announced on 31 March that it had redeemed $1.448 billion of its eurobonds due on 4 April with rubles rather than US dollars," the rating agency said.
"We consider this a follow-on default in the form of a distressed exchange, another type of default under our definition, because holders did not receive the original legal promise," it added.
In May, Russian Finance Minister Anton Siluanov had said that his country will not default on foreign debts, adding that the country has enough money to finance its debts.
"With a reasonable budget and fiscal policy, we will resist additional sanctions and maintain our financial independence," he added.
Russia is grappling with punitive economic sanctions imposed by international powers in the wake of its war on Ukraine. -



        Latest News
NY Police Says Suspect Of Author Salman Rushdie Attack Under Custody 26 minutes ago...
His condition remains unknown as social media images emerge showing aftermath of attack.
European Stock Markets Close Friday With Gains -19 minutes ago...
Italy's FTSE MIB performs best, rising 0.49%
'Accidents May Also Happen At EU Nuclear Plants: ' Russia's Ex-President -4 minutes ago...
Missiles, shells getting closer to reactor of Ukraine's Zaporizhzhia Nuclear Power Plant, says Dmitry Medvedev.
24 Chinese Jets, 6 Warships Detected Around Taiwan: Defense Ministry 11 minutes ago...
10 jets 'had flown on east part of median line of Taiwan Strait,' says Defense Ministry.
Sudanese-Libyan Patrol Finds 20 Bodies, Rescues 8 Surviving Irregular Immigrants 11 minutes ago...
Although nationalities of dead are unknown, officials say rescued people are Sundanese who were found on borders of North Darfur region and Libya.

 
      Top News
Author Salman Rushdie Attacked On Stage In New York Author Salman Rushdie Attacked On Stage In New York
Türkiye's 8Th Canakkale Biennial Starts Oct. 1 With Focus On Community, Togetherness Türkiye's 8Th Canakkale Biennial Starts Oct. 1 With Focus On Community, Togetherness
Shaking Françafrique Off The Shoulders Of Africa Shaking Françafrique Off The Shoulders Of Africa
2 More Ships Carrying Over 63,000 Tons Of Grain Leave Ukraine 2 More Ships Carrying Over 63,000 Tons Of Grain Leave Ukraine
Brazil's Economy Minister Pegs France As 'Insignificant' Brazil's Economy Minister Pegs France As 'Insignificant'
- Fear Of Russian Spies Slows Ukrainian Refugee Admittance Into Canada: Report - Fear Of Russian Spies Slows Ukrainian Refugee Admittance Into Canada: Report
Turkish Aegean City Set To Host 91St International Trade Fair Turkish Aegean City Set To Host 91St International Trade Fair
Türkiye Eager To Become Information Hub In World: Communications Director Türkiye Eager To Become Information Hub In World: Communications Director
Ousted Sri Lankan President Allowed Temporary Stay In Thailand Ousted Sri Lankan President Allowed Temporary Stay In Thailand
Five Years On, Turkiye Remembers Eren Bulbul, 15-Year-Old Boy Killed By PKK Terrorists Five Years On, Turkiye Remembers Eren Bulbul, 15-Year-Old Boy Killed By PKK Terrorists