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Share to Twitter Share to Linkedin Topline Russia has defaulted on its foreign debt for the first time since 1918, according to Moody’s, as the country claims its ability to make the payments have been impaired by economic sanctions against it by the West following its invasion of Ukraine. Key Facts The grace period for $100 million in interest payments for eurobonds—originally due on May 27—expired on Sunday. Credit rating agency Moody’s confirmed late on Monday that Russia’s missed coupon payment “constitutes a default,” adding that “further defaults on future coupon payments are likely.” Reuters , citing unnamed sources, reported earlier in the day that some of the bond’s Taiwanese holders did not receive the interest payments even as the deadline passed, indicating a default. The Russian government has blamed economic sanctions by the West for creating “artificial barriers” that prevent it from making the payments despite it … [Read more...] about Russia Defaults On Its Foreign Debt As Grace Period For Payment Expires, Moody’s Says

Share to Twitter Share to Linkedin Topline Russia has defaulted on its foreign debt for the first time since 1918, according to several reports, as the country claims its ability to make the payments have been impaired by economic sanctions against it by the West following its invasion of Ukraine. Key Facts The grace period for $100 million in interest payments for eurobonds—originally due on May 27—expired on Sunday. Reuters , citing unnamed sources, reported some of the bond’s Taiwanese holders did not receive the interest payments even as the deadline passed, indicating a default. The Russian government has blamed economic sanctions by the West for creating “artificial barriers” that prevent it from making the payments despite it having the money to do so. Bloomberg notes that the impact of the default will largely be symbolic and Russia is unlikely to face the need to raise additional foreign debt anytime in the near … [Read more...] about Russia Defaults On Its Foreign Debt As Grace Period For Payment Expires, Reports Say

AFP Moscow, Russia   ● Tue, June 28, 2022 2022-06-28 11:00 0 53ea05b5fe2e13733519dbf4e33269a4 2 Economy Russia,economy,debt,default,sanction,Ukraine-war,Vladimir-Putin Free Russia said Monday that two of its debt payments were blocked from reaching creditors, pushing the country closer to its first foreign default in a century due to sanctions over the Ukraine offensive. The announcement came on the 124th day of Russia's military intervention in Ukraine, with Western sanctions so far failing to force the Kremlin to change its course. The Western economic penalties have largely severed the country from the international financial system, making it difficult for Moscow to service its debt. The Russian authorities insist they have the funds to honour the country's debt, calling the predicament a "farce" and accusing the West of seeking to drive Moscow into a default artificially. "There are no grounds to call this situation a default," Kremlin … [Read more...] about Russia fails to pay debt but denies default

People stand next to cars destroyed by a Russian missile strike, as Russia's attack on Ukraine continues, at a residential area in Kharkiv, Ukraine on June 26, 2022. (Reuters filepix by Sofiia Gatilova) - A + A KYIV (June 27): Western nations on Monday pledged unwavering support for Ukraine in the war with Russia, including more sanctions on Moscow and air-defence systems, as Russian forces closed in on the last big city still held by Ukrainian troops in eastern Luhansk province. Two Russian missiles struck a crowded shopping centre in the Ukrainian city of Kremenchuk, southeast of Kyiv, killing at least 10 people and wounding 40, senior Ukrainian officials said. "It's useless to hope for decency and humanity from Russia," Ukrainian President Volodymyr Zelenskiy wrote on Telegram. Leaders of the Group of Seven major democracies, meeting at a German alpine resort, said they would keep sanctions on Russia for as long as necessary and intensify international … [Read more...] about West pledges unwavering support for Ukraine as missiles strike shopping centre

- A + A (June 27): Russia defaulted on its external sovereign bonds for the first time in a century, the culmination of ever-tougher Western sanctions that shut down payment routes to overseas creditors. For months, Russia had found paths around the penalties imposed after the Kremlin’s invasion of Ukraine. But at the end of the day on Sunday, the grace period on about US$100 million of trapped interest payments due May 27 expired, a deadline considered an “Event of Default” if missed. The route to this point has been far from normal, as Russia has the resources to pay its bills — and tried to do so — but was blocked by the sanctions. Those restrictions also mean there’s huge uncertainty about what comes next, and about how investors can go about getting their money. “With Russia benefiting from the high price of its energy exports, it clearly has both the means and the desire to pay its foreign debt,” said Giles Coghlan, chief analyst at HYCM Group. It’s a … [Read more...] about Russia slips into historic default as sanctions muddy next steps

- A + A KUALA LUMPUR (June 28): The White House said over 1,000 individuals and entities had already been sanctioned over the Russian invasion of Ukraine. In a fact sheet on Monday (June 27), the White House said the US, in coordination with the Group of Seven (G7), will implement significant commitments, including sanctions on hundreds of individuals and entities that add to the over 1,000 already sanctioned, take action on evasion by targeting companies in several countries that add to the over 300 entity listings already in place, and impose tariffs on hundreds of Russian products worth billions of dollars to Russia, among other things. It said G7 leaders will align and expand targeted sanctions to further restrict Russia’s access to key industrial inputs, services and technologies produced by their economies, particularly those supporting Russia’s armament industrial base and technology sector. The US Department of State and the Treasury will aggressively … [Read more...] about White House says over 1,000 individuals and entities sanctioned over Ukraine war

- A + A KREMENCHUK, Ukraine (June 28): In a central Ukrainian intensive-care ward, five people are crammed into a room, their wounds bound up in bloodied bandages. A dead body lies on a stretcher outside, covered in a blanket. This is the aftermath of a missile strike on a busy shopping mall in the city of Kremenchuk on Monday, southeast of Kyiv, an attack one of the patients described as "hell". According to Ukraine's emergency services the strike has killed at least 16 people and injured 59. "This is the sixth time the city has been bombed" since Russia invaded Ukraine on Feb. 24, said Oleksandr Kovalenko, deputy director of the surgery department at Kremenchuk's public hospital. "But never before did it hit so many people." The hospital is treating 25 people injured in the attack, six of them in critical condition, he told Reuters. The strike drew a global outcry, with leaders of the Group of Seven major democracies, gathered for a summit in Germany, … [Read more...] about ‘It was hell’, survivors say of Russian missile strike on busy mall in Ukraine

FILE PHOTO: Russian President Vladimir Putin and his Brazilian counterpart Jair Bolsonaro shake hands during a news conference following their talks in Moscow, Russia February 16, 2022. Sputnik/Vyacheslav Prokofyev/Pool via REUTERS SAO PAULO — Russian President Vladimir Putin and his Brazilian counterpart, Jair Bolsonaro, discussed global food security and confirmed their intention to strengthen their strategic partnership, the Kremlin said on Monday. Putin assured Bolsonaro in a phone call that Russia would fulfil all its obligations to supply fertilizers to Brazil, the Kremlin said in a statement. The South American leader confirmed his call with Putin during an event on Monday. “I just had a phone call with President Putin of Russia, in which we talked about food security and also energy security,” Bolsonaro said, adding that his agriculture and energy ministers were also on the call. RELATED STORY: Indonesian peace mission to Russia and Ukraine to put focus on … [Read more...] about Russia’s Putin and Brazil’s Bolsonaro discuss global food security

Share to Twitter Share to Linkedin Topline American basketball star Brittney Griner’s trial in Russia will begin Friday, authorities said during Griner’s appearance in a Moscow court on Monday according to the Associated Press. Key Facts Griner faces charges related to her February arrest for allegedly having cannabis in her possession at a Moscow airport and could face up to 10 years in prison if convicted. Video from outside the courtroom Monday obtained by ABC News shows Griner in a gray T-shirt escorted by several guards in tactical vests. The photos of Griner on Monday from AP and AFP are the first of the American since May 13 when she appeared in another Russian court hearing. The new footage of Griner comes amid widespread concerns about her welfare, and the U.S. has accused Russia of using her as a political bargaining chip. Key Background Russian authorities have extended Griner’s pre-trial detention several … [Read more...] about New Photos Show Brittney Griner In Russian Court As Trial Date Is Set For July 1

Siddharthaa Bhaiya, Managing Director and Fund Manager of Aequitas, said their investment philosophy is guided by a multibagger approach that identifies long-term potential through extensive in-house research. They invest in Indian listed equities in small and mid cap space and identify companies that are leaders by way of margin or sales in their respective sectors. Siddharthaa Bhaiya added that they hold stocks through their entire wealth creation journey making average holding period approximately 4-5 years. In an interview to Moneycontrol, he said they do see potential in the auto space. Here are edoited excerpts from that interview: What is your investment philosophy and what is your suggestion to the new-age investors? Close Don't try to time the market : As famously said by Peter Lynch: “Far more money has been lost by investors trying to anticipate corrections, than lost in the corrections themselves.” Nobody can predict what is going to happen … [Read more...] about Don’t try to time the market, advises Siddharthaa Bhaiya of Aequitas