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Russia's Debt Crisis Has Global Consequences
Bank of Russia. TASS
Washington Post: The unpredictable risks of a new Russian debt crisis
Financial markets rallied Friday after Russian officials made vital transfers to foreign investors, sidestepping what would have been Moscow’s first sovereign debt default in nearly two and half decades. But despite the collective sigh of relief on the floors of global stock exchanges, the risk of a new Russian debt crisis still looms large.
The problem with Russian debt today is far different than in 1998, when financial turmoil and a cash crunch forced Moscow to renege on payments to domestic bondholders in a financial event that rippled across the globe. This time, Russia has plenty of cash — but a big chunk of its reserves has been frozen by U.S., European and Japanese officials as punishment for its invasion of Ukraine.
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WNU Editor: These are the payments that Russia must make in the coming months .... EXPLAINER-Russia faces a raft of external debt payments (Reuters).
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