Thursday, June 30, 2022
IndiaRussia Likely to be in Default says Moody's

Russia Likely to be in Default says Moody’s

Can't pay off the debt in dollars? Suppose Russia goes bankrupt - Moody's warns. Ukraine - Russia's ruble depreciates amid Russia's war

On Thursday, Moody’s said investors would consider Russia “indebted or bankrupt” if two bonds were not repaid in US dollars by the end of the grace period on May 4.

Following the Moscow invasion of Ukraine, Moscow has been paying off its debt in rubles after being banned from using foreign currency due to sanctions that cut off the country from the World Financial Organization, which could lead to a domestic economic crisis.

Read Also | Sri Lanka Declares Bankruptcy Know how much debt taken?

But the payment of the amount due for the two foreign currency bonds maturing in 2022 and 2042 on the last day of the grace day, April 4, indicates a change in the terms of payment … so this level must be adjusted by May 4 otherwise it could default or default on the loan as bankruptcy; Can be considered. ”

“There is no provision for repayment of any currency other than dollars in bond agreements,” Moody’s said. S&P Global Ratings declared Russia a “selective default” for non-payment of US dollars to bondholders.

Read Also | President Putin said, Russia will continue military operations in Ukraine until goals completed

Last week, Washington banned Moscow from lending money using dollars held by US banks.

Russia’s Ministry of Finance has been forced to repay about $ 650 million in rubles to foreign debtors due on April 4.

Earlier this week, Finance Minister Anton Siluvanov said Russia would go to court if it decided it was unable to repay the debt because the government was making every effort to repay the debt.

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