Research Briefing | Apr 14, 2022

Sovereign default won’t be Russia’s only headache

Sovereign default won't be Russia's only headache

The Russian government is no longer able to make payments on its US-denominated external debt as the US Treasury has stopped providing permissions for such transactions to correspondent banks. Russia will be declared to be in default once the one-month grace period on missed Eurobond payments due on April 4 has expired.

What you will learn:

  • How Russia’s debt crisis will be among the most difficult in history to resolve
  • Why an avalanche of Russian corporate defaults is also about to begin
  • Why despite Russia’s default and the loss of access to borrowing markets, we estimate that Russia can still afford anti-crisis support and contain the federal budget deficit within 2% of GDP

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