Moscow now defaulting on Foreign Debt. Has not happened since 1918

Russian President Vladimir Putin. (Getty Images / Getty Images)

Revelations 6:3-4 “when he opened the second seal, I heard the second living creature say, “Come!” 4 And out came another horse, bright red. Its rider was permitted to take peace from the earth, so that people should slay one another, and he was given a great sword.

Important Takeaways:

  • Russia defaults on foreign debt for first time since 1918 following sanctions
  • The default signals the first of its kind since 1918, although Russia has called it artificial because it can afford to pay its debts, but sanctions have frozen its foreign currency reserves held abroad.
  • The Russian Finance Ministry then said it would pay dollar-denominated debts in rubles and offer “the opportunity for subsequent conversion into the original currency.”
  • The country owes around $40 billion in foreign bonds, about half of that is owed to foreigners.

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