JRL NEWSWATCH: “What to Know About Russia’s Possible Debt Default” – WSJ
“The country has until May 4 to remit funds to foreign bondholders’ accounts before defaulting.”
“Russia missed a big set of dollar-bond payments due to foreign bondholders earlier this week …. The Russian Finance Ministry said U.S. sanctions were responsible for keeping the money trapped in Russia, setting the stage for the nation’s first default since 1998 and its first default on foreign debt since the Bolshevik Revolution. … Russia owes interest payments totaling $649.2 million that it was supposed to send to creditors Monday for two dollar-denominated sovereign bonds. … Russia has a grace period of 30 days from Monday to remit funds to investors’ accounts before defaulting on the debt. … What is the likelihood of a default? Very high. …”