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IMF No Longer Sees Russian Debt Default as an Improbable Event

RUSSIA

From the Bloomberg report:

  • The IMF joined a growing chorus that’s warning of a risk that Russia will default on debt obligations following its invasion of Ukraine.
  • A Russian default is no longer “an improbable event,” IMF Managing Director Kristalina Georgieva told reporters Thursday. “It’s not that Russia doesn’t have money, Russia cannot use this money,” she said. (BBG)
  • Additionally, the IMF indicated unprecedented sanctions against the nation will make it difficult for the country to convert its IMF reserve assets, known as special drawing rights, into currency.
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