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U.S. stops Russian bond payments, raising risk of default
Reuters ^ | 4/5/2022 | Megan Davies

Posted on 04/05/2022 10:22:44 AM PDT by marcusmaximus

The United States stopped the Russian government on Monday from paying holders of its sovereign debt more than $600 million from reserves held at U.S. banks, in a move meant to ratchet up pressure on Moscow and eat into its holdings of dollars.

Under sanctions put in place after Russia invaded Ukraine on Feb. 24, foreign currency reserves held by the Russian central bank at U.S. financial institutions were frozen.

But the Treasury Department had been allowing the Russian government to use those funds to make coupon payments on dollar-denominated sovereign debt on a case-by-case basis.

On Monday, as the largest of the payments came due, including a $552.4 million principal payment on a maturing bond, the U.S. government decided to cut off Moscow's access to the frozen funds, according to a U.S. Treasury spokesperson.

An $84 million coupon payment was also due on Monday on a 2042 sovereign dollar bond .

The move was meant to force Moscow to make the difficult decision of whether it would use dollars that it has access to for payments on its debt or for other purposes, including supporting its war effort, the spokesperson said.

Russia faces a historic default if it chooses to not do so.

"Russia must choose between draining remaining valuable dollar reserves or new revenue coming in, or default," the spokesperson said.

JPMorgan Chase & Co (JPM.N), which had been processing payments as a correspondent bank so far, was stopped by the Treasury, a source familiar with the matter said.

(Excerpt) Read more at reuters.com ...


TOPICS: News/Current Events
KEYWORDS: bondpayments; bonds; clownworld; default; humblebumpkin; humbledoucher; humbledummer; humblepest; humblestalker; humbletarder; russia; russiandefault; ukrainewar; undeclaredwar
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To: JonPreston

“He was provoked by an Eastward expansion of NATO,”

All of whom joined voluntarily specifically because of the threat Russia posed and obviously continues to pose.

And it’s wholly irrelevant anyway. It does not justify the invasion of a sovereign country.

That being said the US reaction to it is beyond ordinary stupid and it’s doing real damage here at home.

L


121 posted on 04/05/2022 12:39:48 PM PDT by Lurker (Peaceful coexistence with the Left is not possible. Stop pretending that it is.)
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To: JonPreston

“The scrawny kid acted out...”

Oh, he acted out, eh? Yes, that always deserves brutal physical violence in response. Way to go proving that you really do think like a bully.


122 posted on 04/05/2022 12:45:32 PM PDT by Boogieman
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To: JonPreston

No doubt all we’re seeing has nothing to do with Ukraines war - that’s just the floor the economic war, the real war, is being fought on. Biden and Europe are going to destroy the owrlds economy so they can replace it with what is far more sinister.


123 posted on 04/05/2022 12:45:54 PM PDT by caww ( )
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To: SauronOfMordor

“Al Qaeda was financed by wealthy Saudis and other Arabs.”

By SOME Saudis and other Arabs. Not all of them, which is why we didn’t freeze ALL of their assets. Just those that actually were linked to funding them.


124 posted on 04/05/2022 12:46:36 PM PDT by Boogieman
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To: Basket_of_Deplorables

Exactly!


125 posted on 04/05/2022 12:46:48 PM PDT by Navy Patriot (Celebrate Decivilization)
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To: Boogieman

The moral of the story is, scrawny kids need nukes.

Like scrawny Cuba, maybe.

After all, they should be allowed to ally with who they choose, having met a bully in 1962


126 posted on 04/05/2022 12:50:06 PM PDT by silverleaf (“Freedom ultimately means the right of other people to do things that you disagree with”. T. Sowell )
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To: cgbg

Would you rather we’d have been the only country to have had a nuclear bomb dropped on us?


127 posted on 04/05/2022 12:50:27 PM PDT by Boogieman
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To: JonPreston

Yes - we’re in more trouble than most think - but then since when does it matter to those running this crap show what the people think. It’s pretty obvious they’re moving forward and telling everyone on the planet - just “eat your peas”.


128 posted on 04/05/2022 12:50:37 PM PDT by caww ( )
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To: Boogieman

Again—my point is that all the howling about “civilian casualties” and “nuclear threat” seems to ignore that little bit of history where the US dropped nuclear bombs on civilians.

There are no clean hands—and folks should not pretend otherwise.


129 posted on 04/05/2022 12:53:33 PM PDT by cgbg (A kleptocracy--if they can keep it. Think of it as the Cantillon Effect in action.)
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To: marcusmaximus

Everyone now knows you cannot rely on the US as a military ally.

Now they know you cannot trust the US in a financial arrangement.


130 posted on 04/05/2022 12:55:07 PM PDT by gitmo (If your theology doesn't become your biography, what good is it?)
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To: Vaden

And the lying murderous Globalist Shills have made your bed, and you will lie in it, and about it.


131 posted on 04/05/2022 12:55:30 PM PDT by Navy Patriot (Celebrate Decivilization)
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To: DesertRhino

You are so right on that note!


132 posted on 04/05/2022 1:00:47 PM PDT by caww ( )
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To: Ancesthntr

Scary stuff - aand with good reason to be alarmed.


133 posted on 04/05/2022 1:02:12 PM PDT by caww ( )
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To: silverleaf

Yes, Cuba can ally with whoever they want, and no, nobody cares whether someone stations nukes in Cuba.

That question has been obsolete for decades, since both the Russians and ourselves can already park nuclear weapons a few miles offshore of any country on the planet.


134 posted on 04/05/2022 1:07:36 PM PDT by Boogieman
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To: cgbg

Oh, I see, so you’re a fan of that fallacy that says “since we once did something morally questionable, we can’t take a moral stance ever again”?

The BLM crowd certainly loves that one.


135 posted on 04/05/2022 1:10:42 PM PDT by Boogieman
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To: Boogieman

Look at the bright side, this will absolutely be the last time a marginal lounge act performer like Zelenskkk will ever have the backing of NATO or America. He’s done and the Ukraine will cease being Biden’s slush fund.


136 posted on 04/05/2022 1:12:36 PM PDT by JonPreston (Q: Never have so many, been so wrong, so often)
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To: DesertRhino

“In the history of the world, a crashed economy doesn’t give rise to better leaders and more freedom. It leads to despots, and war.”

French Revolution arose out of starving people. Led to “Reign of Terror”, then Napoleon and wars.
Only sort of counter example (I can think of) is the Roman Emperor Diocletian who came into power at a time of ruined economy, stabilized it somewhat and was a somewhat decent ruler by Roman Emperor standards. Only Roman Emperor to retire, all others died in office of natural causes, assassination or war.


137 posted on 04/05/2022 1:14:32 PM PDT by nomorelurker
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To: Basket_of_Deplorables

Excepts it’s not Biden getting pi**ed...it’s the fools behind him in his cabinet.


138 posted on 04/05/2022 1:26:13 PM PDT by caww ( )
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To: marcusmaximus

How’s Hunter going to pay for his Vodka, cavier, and drugs.


139 posted on 04/05/2022 1:26:41 PM PDT by OrioleFan (Republicans believe every day is July 4th, Democrats believe every day is April 15th.for corruptiion)
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To: EasySt

I note that you only talk smack about me on the Qtard thread.

Where is your smack talk out here in the open?

That seems the act of a coward.

Or as Putin said... A “Poos-Yee”.


140 posted on 04/05/2022 1:27:35 PM PDT by humblegunner (Ain't drownin', Just wavin'...)
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