How Is The Russian Economy Doing?

BNN: Russia’s Economy to Grow by 2.8% in 2023, Predicts Finance Minister 

Anticipating a more robust financial year ahead, Russia’s Finance Minister Anton Siluanov has forecasted a 2.8 percent expansion in Russia’s GDP in 2023, a significant bounce-back from a 2 percent contraction experienced in the previous year. Siluanov attributes this hopeful outlook to full compensation for last year’s decrease and the stabilization of the ruble exchange rate. 

Rebound from Economic Contraction 

The predicted growth in Russia’s economy marks a recovery from the challenging economic climate of 2022 when the nation grappled with a 2 percent economic decline. Siluanov, however, projects a promising 2.8 to 3 percent expansion in the upcoming year, viewing it as a reparation for the previous year’s downturn.  

Read more ....  

Update #1: Russia's economic situation develops steadily – Putin (TASS)  

Update #2: Russia brings back capital controls to shore up the ruble (CNN)  

WNU Editor: The Western media likes to focus on the rise and fall and rise of the Russian ruble, but the Russian economy is more than just that. So here is my recap. The civilian economy is booming and it is causing problems (inflation, labor shortages, etc.). And as for that part of the economy that is dedicated to military production .... I cannot even express in words on how huge of an impact that is having on the economy as a whole. 

But the big story on the Russia economy that many in the West have not caught up on is the Kremlin's priority to re-industrialize the country. I know the money is there to make it happen,  but the big problem that I see will be having the workers to make this all happen. 

Update #3: The Duran's analysis on the Russian economy (see below) concurs with what I know is happening in Russia. 

5 Graphs That Explain Russia’s Wartime Economy

Central Moscow. Valery Sharifulin / TASS  

Moscow Times: 5 Graphs Explaining Russia’s Wartime Economy 

As Russian officials play down the economic impact of President Vladimir Putin’s order to invade Ukraine, the emergence of end-of-year data from 2022 in recent weeks has painted a mixed picture of the economy’s performance. 

There were some positive signs: inflation receded after hitting a peak in April, while oil and gas revenues reached record levels. 

The International Monetary Fund last week even revised upward its forecast for the Russian economy, predicting 0.3% growth in 2023. 

However, at the same time, remittances skyrocketed last year as a flood of people left the country, banking profits fell and the country’s budget deficit reached record levels.  

Read more ....  

WNU Editor: There are some other indicators that should be noted. The Russian ruble has not imploded as many in the West predicted (link here), and Russia's foreign currency (link here) and gold reserves (link here) are near their old time highs. Unemployment is at an old time low (due to the war economy), and the country's inflation rate and interest rate numbers continue to decline (link here). 

There is also another stat that is not in the official government numbers. It is Russia's massive underground economy. Almost everyone I know in Russia has a side hustle. And no one reports what they earn on the side to the government.

The IMF Is Surprisingly Upbeat About Russia's Economy

 

RT: IMF upgrades Russian economy forecast 

The fund expects 0.3% growth in 2023, having previously predicted a contraction The International Monetary Fund has revised upwards its estimate of Russian economic development, projecting GDP to grow by 0.3% this year, and 2.1% in 2024. 

According to the fund’s World Economic Outlook update published on Monday, Russia’s GDP fell by 2.2% last year. In its October forecast, the IMF reported that the decline was expected to be 3.4%. For this year, the fund previously predicted a drop of 2.3%, and for 2024, a 2.1% decline.

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WNU Editor: The IMF expects Russia's economy to grow 0.3% this year, a reversal from its contraction of 2.2.% in 2022. 

I think the IMF's numbers for 2022 are wrong. From what I have seen and heard high energy prices and war spending boosted the Russian economy into positive growth. And as for 2023. I expect more growth than the 0.3% that the IMF is forecasting. 

Of course this is all contingent on how the war in Ukraine shapes up in the coming months. But there is one thing that is clear. Sanctions did not "crater" Russia's currency as President Biden predicted last March, and there has been no Russian economic collapse.  

Update: This is embarrassing for the UK government .... No 10 insists UK economy is strong despite IMF warning it will fare worse than any other in developed world - including Russia (SKY News). And they are not alone. Germany is in recession. Sweden is in recession. And the sources that I trust see the EU economy as a whole looking dismal for the rest of the year.

The IMF Is Surprisingly Upbeat About Russia's Economy  

The IMF thinks we may actually skirt a recession. It is also surprisingly upbeat about Russia's economy. -- Business Insider  

IMF improves economic forecast for the eurozone and Russia amid energy crisis and raging war -- Euronews  

Are Western sanctions working on Russia’s growing economy? -- The Week

Has The War Destroyed Russia's Business Model?

Even Russia's Druzhba oil pipeline highlights the 'friendship' between Moscow and Europe. Image: Patrick Pleul/dpa-Zentralbild/dpa/picture alliance  

DW: How Putin's war destroyed Russia's business model 

As a result of the war in Ukraine, Russia has lost Europe — its largest foreign investor and main buyer of its energy exports. DW unpacks how Moscow's economic fortunes unraveled in 2022. 

Russia's state-owned energy giants Gazprom and Rosneft had a very promising start to 2022. German Chancellor Olaf Scholz's new coalition government announced several new gas-fired power plants to offset the phaseout of nuclear and coal-powered plants. The two largest contributors to the Russian state budget were set to benefit.  

Read more ....  

WNU Editor: Business is no longer usual between Europe and the Russia, and it will not be for the next decade or two. What we are now seeing is a massive global economic realignment, where the world's resource superpower is now shifting its focus away from Europe to Asia.

Is The War On Russia's Economy Working?

Pedestrians walk past soldiers as they stand at the Red Square near the Saint Basil's Cathedral in Moscow, on Nov 18, 2022. PHOTO: AFP  

Wison Center: Russia’s Economy at the End of 2022: Deeper Troubles 

The September−October enlistment drive has done to the Russian economy what the West’s sanctions have so far failed to do. The real estate market, demand for credit, and consumer sentiment all show a noticeable decline. Absent oil and gas revenues, the federal budget would be in deep deficit. Russia’s brainwashed citizens are starting to suspect that the war is eating away at their well-being. The recession will continue in 2023. 

In the fall of 2022, the Russian army, effectively defeated in Ukraine over the spring and summer, needed a serious influx of soldiers. According to the official count, 318,000 men were drafted, or nearly 1 percent of those liable for military service—and that figure is likely an underestimate. Even more people, up to 1.5−2 times as many and predominantly men, have left the country to escape the draft. Many have lost their incomes and have had to reconsider their investments and consumption patterns.  

Read more ....  

Update #1: The War on Russia's Economy Is Working (Bloomberg)  

Update #2: How the Russian economy is defying and withstanding western sanctions (Straits Times)  

WNU Editor: You cannot use the metrics of the past to determine what is the state of the Russian economy right now. The Russian economy is now a wartime economy. A third of the Russian government's budget is now dedicated to the military. The labor market has shifted as reserves are called up. Big time purchases that families always conduct like purchasing a new car, home, etc., are now delayed.

Russian Stock Indices Collapsed Today On Signs That Putin May Escalate The Ukraine War

Moscow Stock Exchange's (MOEX)  

Business Insider: Russian stocks crash on signs Putin may escalate Ukraine war with military mobilization and Ukraine annexation 

* Russian stocks plunged Tuesday on signs that Moscow may escalate its war on Ukraine. 

* Lawmakers are advancing legislation to heighten punishments for military crimes, raising fears of full mobilization. 

* Russian officials also announced plans to hold sham annexation votes in occupied parts of Ukraine. 

Russian stocks fell Tuesday on signs that President Vladimir Putin could escalate his war on Ukraine after his military suffered a stunning rout earlier this month. 

New legislation in Russia's parliament would heighten punishment for military crimes, such as desertion, damage to military property, and insubordination, raising fears it could lead to a full mobilization later. 

Some hard-line lawmakers have been calling for an expansion of the military draft since it gave up huge swaths of territory in eastern Ukraine.  

Read more ....  

WNU Editor: This is a very bad sign. The people in the know are bailing out of the Russian stock markets. The last time the MOEX (link here) collapsed like this was 3 days before Russia's invasion of Ukraine in February. 

Russian Stock Indices Collapsed Today On Signs That Putin May Escalate The Ukraine War  

Russian stock indices collapse during Tuesday trading on Moscow Exchange -- TASS  

Russian stocks plunge on martial law fears, Ukraine referendums -- Reuters  

Russian stocks plunge over Ukraine referendums, martial law fears -- SCMP  

Russian Stocks Tumble Most Since Invasion Amid Annexation Plans -- Bloomberg  

Russia's Stock Exchange Crashes as Mobilization Rumors Swirl -- Newsweek

Russian Parliament Approves Bill That Will Give President Putin The Authority To Shift The Russian Economy To A War Time Economy

FILE PHOTO: Russian lawmakers attend a session of State Duma in Moscow. © Reuters/EVGENIA NOVOZHENINA  

Reuters: Russian parliament passes first vote on war economy measures 

LONDON (Reuters) -Russian lawmakers on Tuesday gave the first stamp of approval to two bills that would authorise the government to oblige businesses to supply the military with goods and their employees to work overtime to support Russia's invasion of Ukraine. 

Deputy Prime Minister Yuri Borisov told parliament the moves were driven by the need to support the military at a time when Russia's economy was under "colossal sanctions pressure" from the West, more than four months into what it calls its special military operation in Ukraine. 

"The load on the defence industry has increased significantly. In order to guarantee the supply of weapons and ammunition, it is necessary to optimize the work of the military-industrial complex and enterprises that are part of cooperation chains," he said. 

Read more ....  

WNU Editor: The public reasons for this Duma bill is to make sure that there are enough arms to fuel the Russia - Ukraine war. The real reason is to make sure there are enough arms available in the event that the war in Ukraine expands to a war against NATO.

Five Signs The Russia Economy Is Not Sinking As Many Were Predicting

 

Reuters: A 'default' when flush with cash: Five signs Russia ain't sinking yet 

LONDON (Reuters) - Russia may have defaulted for the first time on foreign bonds since the Bolsheviks refused to pay on a vast debt pile after the 1917 Revolution, but its $1.8 trillion economy is showing no sign of sinking just yet. 

The sanctions imposed by the West over Russia's invasion of Ukraine delivered the biggest external shock to Russia's economy since the 1991 fall of the Soviet Union, but the economy has - so far - been remarkably resilient. 

Russia's 2022 "default", announced by the United States on Monday but rejected by the Kremlin, is very different to debt crises of previous years: in 1918 the Bolsheviks didn't want to pay and in 1998 Russia could not pay its domestic debts. 

This time, Moscow can pay and says it is ready to but the West is preventing it.  

Read more ....  

Update: Russia’s economy holds up in the face of sanctions – but will it last? (France 24)  

WNU editor: I expected some hard times, but not what many in the West were predicting when sanctions were imposed. Certainly not the economy imploding or the ruble crashing as President Biden was saying in March. 

My prediction. 

Russia will be shifting its economic focus away from the West and more to Asia and the emerging economies in the Middle East and Africa. And what the West should be worried about is the growing ties between Russia and China and their mutual desire to establish a financial system independent from the West, and the dethronement of the U.S. dollar as the reserve currency.

Russian President Putin Says Russia Is Rerouting Trade From Europe To China, India, And Other BRICS Nations

President Vladimir Putin said June 22 that Russia is rerouting trade to "reliable international partners" such as Brazil, Russia, India, China and South Africa as the West attempts to sever economic ties. Chine Nouvelle/SIPA/Shutterstock  

CNN: Putin says Russia is rerouting trade to China and India  

President Vladimir Putin said Wednesday that Russia is rerouting trade to “reliable international partners” such as Brazil, India, China and South Africa as the West attempts to sever economic ties.

“We are actively engaged in reorienting our trade flows and foreign economic contacts towards reliable international partners, primarily the BRICS countries,” Putin said in his opening video address to the participants of the virtual BRICS Summit. The “BRICS” acronym refers to an informal grouping of the five developing economies. 

According to Putin, trade between Russia and the BRICS countries increased by 38% and reached $45 billion in the first three months of the year.  

Read more .... 

Russian President Putin Says Russia Is Rerouting Trade From Europe To China, India, And Other BRICS Nations  

Putin Pushes for Stronger Ties with BRICS Nations -- Moscow Times/AFP  

Putin Sees Russia Oil Flows to China, India 'Growing Noticeably' -- Bloomberg 

Russia's trade with China, India, Brazil, and S. Africa has jumped 38% -- Market Insider  

Putin vows to reroute Russian exports to BRICS nations -- DW

Russian Ruble Hits A Seven Year High Against The Euro

Reuters: Rouble hits 2015 level against euro as EU prepares to pay for gas 

(Reuters) -The Russian rouble rallied to its strongest levels against the euro and dollar since June 2015 and March 2018 respectively on Friday, which analysts attributed to EU countries preparing to pay Russia for gas and to capital controls imposed by Moscow. 

Russia said on Thursday that half of gas giant Gazprom's 54 clients have opened accounts at Gazprombank, as European companies approach imminent deadlines to pay for their gas supplies. 

Opening such accounts became possible after EU executives allowed member states to keep buying Russian gas without breaching the slew of sanctions they have collectively imposed on Russia over what Moscow calls its "special military operation" in Ukraine that started on Feb. 24.  

Read more ....  

WNU Editor: So much for President Biden's "ruble to rubble" narrative just a few weeks ago...

As a result of our unprecedented sanctions, the ruble was almost immediately reduced to rubble.

The Russian economy is on track to be cut in half.

It was ranked the 11th biggest economy in the world before this invasion — and soon, it will not even rank among the top 20.

— President Biden (@POTUS) March 26, 2022

Russian Ruble Hits A Seven Year High Against The Euro  

Ruble Hits 7-Year High As Gas Buyers Bow To Putin's Payment Mandate -- Zero Hedge  

Russia Ruble (RUB USD) Price Quote Surges to 7-Year High -- Bloomberg  

As inflation slows and the ruble rallies, Russia is hoping to avoid a financial crisis -- CNBC  

Ruble smashes four-year high against US dollar -- RT

Russia's Currency Now At A Five-Year High Against The Dollar

NASDAQ/Reuters: Russian rouble hovers near 5-year highs vs euro, stocks up 

May 16 (Reuters) - The Russian rouble firmed past 64 per dollar on Monday and climbed towards its highest in nearly five years against the euro, supported by continuing restrictions on currency trading. 

The rouble is the world's best-performing currency this year, although this is due to artificial support from capital controls that Russia imposed to shield its financial sector in late February after sending tens of thousands of troops into Ukraine.  

Read more ....  

Update: Ruble nears five-year high against euro (RT)  

WNU editor: So much for President Biden's vow in March to crater the Russian currency with sanctions. With supply shortages and higher prices for Russian natural gas expected to get even worse at the end of this year, the spread between the Euro and Russian ruble will only get bigger.

Bloomberg Says The Russian Ruble Is The World’s Best-Performing Currency For 2022

Despite sanctions, Russian ruble is the world's top performing currency in 2022. © Provided by WION

WION: Despite sanctions, Russian ruble is the world's top performing currency in 2022 

The ruble has recovered the majority of its losses, and Russia's capital controls have made it the best-performing currency in the world this year, while just a few people will benefit from the boom. 

The ruble rose against the dollar again on Wednesday, as the Moscow Exchange reopened after a two-day holiday. It has gained more than 11% versus the US dollar since the beginning of the year, surpassing the real's 9% rise to become the biggest gainer among Bloomberg's 31 major currencies. The offshore rate has risen considerably more, by roughly 12%. 

The ruble's advances are the outcome of the government's efforts to safeguard the battered currency in the wake of Western sanctions. In addition to the capital controls, Russia has demanded ruble payments for natural gas supplies from European countries, as well as requiring exporters to sell their foreign exchange holdings.  

Read more .... 

WNU Editor: The goal of the Russian Central Bank when Western sanctions and asset seizures were imposed on the Russian economy was to stabilize the currency, and it looks like they have succeeded albeit at a very high cost. 

What has also helped the ruble is the capitulation of European buyers of Russian natural gas to the Kremlin's demand of ruble payments .... More European Buyers Prepare For Russian Gas Payments In Rubles (OilPrice.com). More here .... Ten More European Gas Buyers Open Ruble Accounts for Payments (Bloomberg). 

I think this is one of the reasons why Ukraine made the decision yesterday to shutdown a critical pipeline that is used to ship Russian natural gas to Europe, and why Washington supported it. Both countries are now realizing that sanctions are not working, and they are now doubling down on their measures even though this will seriously damage the European economy. 

Bloomberg Says The Russian Ruble Is The World’s Best-Performing Currency For 2022  

Ruble Surpasses Brazil’s Real as Year’s Best-Performing Currency -- Bloomberg  

Russia's ruble is the world's top-performing currency against the dollar but traders are revolting against Moscow's capital controls -- Business Insider 

Bloomberg: ruble is the best world currency since the beginning of 2022 -- Pravda  

Ruble named world’s best-performing currency -- RT 

Ruble becomes world’s best performing currency this year — Bloomberg -- TASS

Russian Ruble Reaches A Two-Year High Against The Dollar And The Euro Even As More Sanctions Are Being Imposed

FILE PHOTO: Russian 100-rouble banknotes are placed on a cashier's desk at a supermarket in the Siberian town of Tara in the Omsk region, Russia, December 14, 2021. REUTERS/Alexey Malgavko  

Business Insider: The Russian ruble has hit an over 2-year high even as the EU plans to intensify sanctions against the country with an oil embargo 

* The Russian ruble closed 6.6% higher on Wednesday — a two-year high against the US dollar. 

* The currency had sunk to a record low in early March due to sweeping sanctions over the Ukraine war. 

* The Kremlin has been propping up the ruble via capital controls. 

The European Union may be preparing to ban Russian oil, but that hasn't put a damper on the ruble — which has surged to a high not seen in over two years. 

On Wednesday, the Russian ruble closed 6.6% higher against the US dollar at 66.30 — its highest level since March 2020, according to Reuters' records. 

The European Commission President Ursula von der Leyen proposed a phased embargo on Russian oil on the same day in a new package of sanctions that also targeted Sberbank, the country's largest bank. 

Read more ....  

Update #1: Rouble Leaps to Over 2-Year High Vs Dollar, Euro as EU Ups Sanctions (Reuters)  

Update #2: The Ruble reached a two-year High against the Dollar and the Euro (Novinite)  

WNU Editor: The ruble hit a new high of 64.25 rubles to a dollar today (link here). Predictions in March from President Biden that the Russian ruble would collapse have clearly not happened (see below).

As a result of our unprecedented sanctions, the ruble was almost immediately reduced to rubble.

The Russian economy is on track to be cut in half.

It was ranked the 11th biggest economy in the world before this invasion — and soon, it will not even rank among the top 20.

— President Biden (@POTUS) March 26, 2022

Kremlin Signals They Want The Ruble To Be Peg To Gold Prices And Other Commodities

This picture taken on August 13, 2021, in Moscow, shows Russian ruble coins and banknotes pictured next to Russian ruble sign. (AFP)  

Reuters: Kremlin says idea to peg rouble rate to gold prices is being discussed  

Russian President Vladimir Putin is discussing with officials the idea of pegging the ruble to gold and other goods, the Kremlin said on Friday. 

A powerful Russian security official said this week linking the ruble to bullion could give Russia more “sovereignty” over its financial system, which has been battered by Western sanctions since Moscow sent troops into Ukraine on February 24. 

Asked about the idea on a conference call with reporters, Kremlin spokesman Dmitry Peskov said “this question is being discussed with Putin.”  

Read more ....  

Update: A New Gold Standard? Kremlin Confirms Intention To Back Ruble With Gold And Commodities (Zero Hedge)  

WNU Editor: Russia is a commodities-based superpower. Having its currency backed by gold and other critical commodities may work. But for now the Russian Central Bank is saying no .... Bank of Russia Rejects Ruble-Gold Peg Idea, Differs With Kremlin (Bloomberg)..

Russia's Natural Gas Company Gazprom Is Awash In Cash Since The Start Of The Ukraine Invasion

The Guardian: Russia doubles fossil fuel revenues since invasion of Ukraine began 

Country receives about €62bn from exports of oil, gas and coal in two months, with Germany the biggest importer Russia has nearly doubled its revenues from selling fossil fuels to the EU during the two months of war in Ukraine, benefiting from soaring prices even as volumes have been reduced. 

Russia has received about €62bn from exports of oil, gas and coal in the two months since the invasion began, according to an analysis of shipping movements and cargos by the Centre for Research on Energy and Clean Air. 

 For the EU, imports were about €44bn for the past two months, compared with about €140bn for the whole of last year, or roughly €12bn a month.  

Read more ....  

Update: Russian Fossil Fuel Revenues Double Despite Western Sanctions (Zero Hedge)  

WNU Editor: Gazprom has already surpassed last year's earnings .... Gazprom’s 2021 Annual Earnings Hit Record on Gas Price Rally (Bloomberg). More evidence that U.S. and EU sanctions are not working as originally promised by their leaders.

Russian Ruble Reaches a Two Year High Vs. Euro

A view shows Russian rouble coins in this illustration picture taken March 25, 2021. REUTERS/Maxim Shemetov/Illustration/File Photo  

Reuters: Russian rouble hits more than 2-year high vs euro before steadying near 77 

(Reuters) - The Russian rouble clipped a more than two-year high against the euro in early trade on Tuesday before stabilising near Monday's close, in a week where tax payments are supporting the currency and as investors look ahead to an expected rate cut on Friday. 

At 0817 GMT, the rouble had gained 0.3% to trade at 76.90 versus the euro, after earlier hitting 75.95, its strongest mark since early March 2020. It was 0.1% stronger against the dollar at 73.04. 

Trading activity remains subdued and somewhat erratic compared with levels seen before Feb. 24, when Moscow sent tens of thousands of troops into Ukraine. 

Movements in the rouble are artificially limited by capital controls imposed by the central bank, and the economy faces soaring inflation, capital flight and the risk of a possible debt default after the West imposed tough sanctions.  

Read more ....  

WNU Editor: So much for President Biden's claim that he turned the Russian ruble to "rubble" .... Biden mocked the ruble as "rubble." But the Russian currency has rebounded (CBS).

Russian Central Bank Says Russia Is Not Facing A Default

Bank of Russia © Sergei Bobylev/TASS  

RT: Russia not facing default – central bank  

The country has all the necessary financial resources to withstand Western pressure, Elvira Nabiullina says  

Russia has all the necessary financial resources to allow the economy to function under sanctions pressure, the Governor of the Central Bank Elvira Nabiullina said on Thursday at a meeting of the State Duma. 

She stressed there is no danger of default for the country. “Russia has the resources, all the necessary financial resources. No default threatens us,” she said.  

Read more ....  

Update: Russia does not face risks of default — Bank of Russia (TASS)  

WNU Editor: The Russian Governor of the Central Bank may have a point. The ruble is now worth more today than before the war .... Euro drops to 79 rubles at Moscow Exchange — trading data (TASS).

Many Nations Are Refusing To Buy Gas And Oil From Russia But Others Are Snapping Up Cheap Supplies

Russian oil sales have gone up — not down — after massive sanctions from the West. © Reuters/Hani Amara 

 Business Insider: Many nations are refusing to buy gas and oil from Russia but others continue to snap it up. Here's what we know so far. 

* Several countries have cut energy ties with Russia, while others are snapping up cheap supplies. 

* The US, UK, and some EU countries have all taken action. 

* India and China, however, continue to maintain their oil and gas trade with Russia. 

A divided approach toward the Russian energy trade has become more apparent in recent weeks. 

While some nations have deliberated or announced bans on Russian oil and gas imports, others are doubling down. 

When Russia launched an unprecedented attack on Ukraine earlier this year, Western nations joined forces to impose sanctions on the country in an effort to punish Russia for its actions.  

Read more ....  

WNU Editor: Russian sanctions are not working .... Russian oil sales have gone up — not down — after massive sanctions from the West (Business Insider).  

Update: Infographic: How much of your country’s oil comes from Russia? (Al Jazeera).

Russia Threatens Legal Action If They Are Forced Into A Sovereign Debt Default

People walk near the Moscow International Business Centre, also known as "Moskva-City", in Moscow, Russia November 12, 2019. Evgenia Novozhenina,, Reuters  

Reuters: Russia threatens legal action if forced into sovereign debt default 

(Reuters) -Russia will take legal action if the West tries to force it to default on its sovereign debt, Finance Minister Anton Siluanov told the pro-Kremlin Izvestia newspaper on Monday, sharpening Moscow's tone in its financial wrestle with the West. 

 "Of course we will sue, because we have taken all the necessary steps to ensure that investors receive their payments," Siluanov told the newspaper in an interview. 

"We will present in court our bills confirming our efforts to pay both in foreign currency and in roubles. It will not be an easy process. We will have to very actively prove our case, despite all the difficulties." 

Siluanov did not elaborate on Russia's legal options.  

Read more ....  

WNU Editor: WNU said the same thing a few days ago .... Russia is poised for a bond default that could unleash years of courtroom chaos. A debt expert breaks down what happens next (Business Insider).

Credit Ratings Agency Standard & Poor Has Downgraded Russian Bonds From 'Junk' To 'Selective Default'

Western sanctions have hit Russia's economy in a big way, leading S&P and other agencies to downgrade its debt to "junk" status, meaning a default is highly likely.  

Daily Mail: Russia is on the brink of defaulting on its debt for the first time since the Bolshevik Revolution more than a century ago as Western sanctions for Putin's invasion of Ukraine bite 

* Russia is unable to make payments from US bank accounts after latest sanctions 

* Instead this week it tried to make a foreign dollar bond payment in roubles 

* Credit ratings agency S&P downgraded Moscow to 'selective default' 

* Sanctions are likely to be further increased as new war crimes come to light 

* Russia has a 30 day grace period to find the dollars or officialy be in default 

Moscow is on the brink of defaulting on its debt for the first time since the Bolshevik coup more than a century ago as sanctions begin to take their toll on the Russian economy. 

Credit ratings agency Standard & Poor downgraded Moscow from 'junk' to 'selective default' on Friday after Russia tried to make foreign bond payments in roubles on Monday when they were due in dollars. 

Putin's government is unable to make dollar payments from accounts held at American banks after the US Treasury stepped in to halt them in the latest wave of sanctions imposed on Russia for invading Ukraine.  

Read more ....  

WNU Editor: The banks are still making money .... Banks are making big money off of Russian debt (CNN). 

Credit Ratings Agency Standard & Poor Has Downgraded Russian Bonds From 'Junk' To 'Selective Default'  

S&P downgrade indicates Russia headed for historic default -- AP 

S&P Downgrades Russian Foreign Debt, Signaling Likely Historic Default -- RFE  

S&P cuts Russia's foreign currency rating to 'selective default' -- Reuters  

Russia urges BRICS nations to integrate payment systems and cards -- Al Jazeera