JRL NEWSWATCH: “Oil and gas revenues give Russia’s economy $3.4bn cushion” – Financial Times

Oil Wells file photo, adapted from image at usda.gov

“Yet Moscow downgraded to ‘selective default’ by S&P as it warns country is unlikely to honour foreign debt terms.”

“Russia has boosted the fund that cushions its sanctions-hit economy with $3.4bn in additional oil and gas revenues thanks to rising energy prices since the start of its war with Ukraine, as it edges closer to its first debt default since 1998. …. Russia’s economy [also] has been buoyed by … draconian capital controls, which block most foreign traders from exiting their investments. However, S&P Global Ratings downgraded Russia[] … to … ‘selective default’ … after Moscow announced … it would make payments on the latest tranche of its foreign bonds in roubles, when they are due in dollars. …”

Click here for: “Oil and gas revenues give Russia’s economy $3.4bn cushion; Yet Moscow downgraded to ‘selective default’ by S&P as it warns country is unlikely to honour foreign debt terms” – Financial Times/ Polina Ivanova, Valentina Romei


 

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