(Moscow Composite Electric) Under the sanction of the United States and Europe, Russia's payment of overseas bonds was cut off, and finally fell into the first foreign exchange sovereign debt default on Sundays since 1918.
Russia's about $ 100 million (about 139 million yuan) interest payment expired on June 26, but Moscow still did not repay.The interest was originally expired on May 27 and was postponed for a month.
After the army invaded Ukraine, Russia was crowded out in the international community in the fields of economy, finance, and politics.Since early March, Russia's European bond prices are sluggish, the central bank's foreign exchange reserves are still frozen, and the connection between major banks and global banking systems has also been cut off.
Because the Russian economy and market have been harmed, this default is largely symbolic.For Russians who are in difficulty in dealing with two -digit inflation and the most severe economic shrinking over the years, the relationship is not great.
Russia claims that there is enough funds to pay, because it will face this situation because of Western sanctions.It also announced last week that it will turn to the non -repayable sovereign debt of US $ 40 billion in rubles.
The relevant documents of the bonds ended on Sundays on Sunday show that if 25 % of bond holders agree with the "breach of contract", these holders can declare Russia's breach of contract.
After this sovereign debt defaults, the market pays attention to what investors will do next.
Economist: Most bond holders may wait and see
Analysis says that time is beneficial to investors, because according to this bond -related documents, the claims will not fail after three years from the payment date; therefore investors do not have to take action immediately, they can choose to wait and see the progress of the Russian and Ukraine War,I hope that sanctions on Russia will eventually soften.
Nomura Research Institute Economist Mu Niuri said: "Most bond holders will be watching."
Russia's last foreign debt breach dates back to 1918, when the former Soviet Union led by Lenin refused to acknowledge the amazing debt left by the Tsar regime.
Analysis believes that Russia's default disputes with bond holders have just begun.As of early April, foreigners hold about $ 20 billion in Russian euro bonds.
Russian Treasury Secretary Silu Anov refers to the so -called default on Thursday as a "farce."He reiterated that Russia's export energy still entered the Treasury each week, so Russia has the ability and willingness to pay."Anyone who knows the truth will not constitute a breach of contract."
Silu Janov said that the creditors seemed to have a liquidated statement through the court, because Russia had sovereignty exemption and foreign courts could not control it.
Silu Janov also said: "If it eventually evolves into a case of discussing foreign assets, it is equivalent to breaking the diplomatic relationship and direct conflict ... This will allow us to enter a completely different world, with different rules. In this case, we have to make a conventional response, and it will not be solved through legal channels. "
