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Kremlin States West is Pushing Russia into Artificial Default

RUSSIA
  • Reuters reports that the West is pushing Russia into a man-made default, and there are no grounds for default on Russian debt.
  • The comments add that for Russian grain to be delivered to international markets, sanctions on Russia must be lifted, but there are no substantive discussions on this yet.
  • Earlier this week, Russian press RBC reported that the economy ministry had moved to draft anti-sanction amendments to their legislation on financial markets. As part of the amendments, the economy ministry look to allow the use of “substitute” bonds to repay Eurobonds, while also cancelling the cross-default provision on bonds (meaning default on one line of bonds won’t necessarily trigger a broader default condition). RBC cite sources in saying the bill was approved by a government commission yesterday.
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