Russia denied it was in default, saying the payments had been made, in dollars and euros, on May 27 and the money was stuck with Euroclear, a settlement house based in Belgium.
Russian Finance Minister Siluanov was quoted by state-owned news agency Ria Novosti as saying last week that the sanctions meant Moscow had no "other method left to get funds to investors, except to make payments in Russian rubles."
So yeah, they are not in default, this is all a sham and soon the countries around the world will have to decide whether to accept Rubles or not. Just like they had to choose whether to pay rubles to get Russian gas or not.
It will be interesting to see if creditors take action against OFAC for being the cause of this. If I had to guess, I'd say no.. they will roll their eyes at the continuing degradation of the USD as a medium for trade, and go to rubles instead. Which you understand will suit Russia just fine.
More self-inflicted harm thanks to the treasury dept.
So yeah, they are not in default, this is all a sham and soon the countries around the world will have to decide whether to accept Rubles or not. Just like they had to choose whether to pay rubles to get Russian gas or not.
Fun stuff.
It will be interesting to see if creditors take action against OFAC for being the cause of this. If I had to guess, I'd say no.. they will roll their eyes at the continuing degradation of the USD as a medium for trade, and go to rubles instead. Which you understand will suit Russia just fine.
More self-inflicted harm thanks to the treasury dept.
Exactly, systematic destruction of the federal reserve currency. Controlled demolition
I suspect you may be right.... after all, The Guardian is a well-known left-of-center publication and always has been. Their agenda is not our agenda.