The five most interesting developments in the economy at the moment

Russia decided to service its dollar debt as it should, that is, to make interest payments in dollars instead of rubles, which it tried to do a month ago. The money was transferred from Moscow by one of the non-sanctioned Russian banks first to the Bank of New York Mellon Corp. Then to Citibank, which will now ship the appropriate amounts through the US clearinghouse to selected investors who hold Russian dollar bonds. Bloomberg writes that The relevant authorities of the USA and Great Britain agreed to everything, and for a long time the banks before making transfers made sure that there was no threat to them.

The money that will go to the investors’ accounts comes from the financial reserves located in Russia, and this is what the Americans wanted. Previously, Russia tried to pay interest on its debt with money from the foreign exchange reserves in the United States, which it was not allowed to do. In protest, the Russians came up with the idea of ​​servicing their debt in rubles, but soon it turned out that the market considers this situation identical to the bankruptcy of Russia. The interest was due on April 4th, so as of that day there was a 30-day period of acceptable delay in payments, which expired on May 4, which is the day after tomorrow. If the situation does not change, Russia will be officially declared bankrupt next Wednesday, which will affect its long-term financial credibility. The Kremlin almost gave up – as a result, American investors have or will have their money in the next few hours, Russian reserves in the United States remain frozen, and those in Russia are exhausted.

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