The currency in Russia is running out.
If by May 4 the Russians will not be able to scrape on $ 650 million, then, in fact, there will be an official default of the Russian Federation. It could have happened before, but for the first time, sanctions allowed Russians to use their blocked foreign exchange reserves to pay off debts. Yulia Samaeva, editor of the economics department of ZN.UA , writes about this in the article – Russia's default. What does this mean? ”
Fortunately, in early April, the US tightened sanctions by banning Russia from using dollar reserves held by US banks, even for these purposes.
This does not mean that the Russians have run out of money, at least a billion dollars a day they still earn from the sale of gas and oil. Sanctions simply do not give way to this money.
Russia's total debt in dollars and euros is $ 40 billion, more than half of which is indebted to Western investors who do not want to pay in rubles. Not that they go over, although they really do not need rubles, just any debt agreement fixes the currency, and violation of this condition is tantamount to non-payment of debt.
Lack of any productive and positive changes in Russian policy in response on sanctions makes the May default guaranteed by 99.9%.
Read also: Russia's default: what the Russians need to prepare for
Other materials of Yulia Samaeva can be found at the link.
