Free Republic

Russia has defaulted on its foreign debt obligations for the first time since the Bolshevik revolution in 1918. Sanctions launched by an alliance of western nations in response to president Vladimir Putin’s invasion of Ukraine have hobbled the Kremlin’s access to its assets, meaning it has been unable to pay foreign investors. Moscow missed a grace period deadline today on a $100m interest payment that was originally due on 27 May, tipping the country into default for the first time in over a century... America’s Treasury department blocked Russia from making payments last May (out of sanctions frozen funds), effectively...

When many people feel disconnected from their social environment they become prone to fanatical belief in an unreasonable narrative, creating favorable conditions for the emergence of a totalitarian state, said Mattias Desmet, a professor of clinical psychology. The psychological phenomenon where individuals who feel disconnected from their natural and social environment and experience purposelessness in life start to fanatically believe in a certain narrative—even if it is absurd—is a specific kind of group formation called mass formation, Desmet told EpochTV’s “American Thought Leaders” program on June 16. The individuals in the grip of the mass formation are blind to the...

Russia was poised to default on its foreign debt for the first time since 1918, pushed into delinquency not for lack of money but because of punishing Western sanctions over its invasion of Ukraine. Russia was likely to miss payments on two foreign-currency bonds late Sunday, according to holders of the bonds who had yet to see funds deposited. The day marks the elapse of a 30-day grace period since the country was due to pay the equivalent of $100 million in dollars and euros to bondholders.

Grace period for $100mn in interest payments ends on Sunday evening. Russia could default on its foreign debt for the first time this century as the clock ticks down on a pair of overdue interest payments blocked by western sanctions. About $100mn worth of interest on Russian government debt is due to bondholders by Sunday night, the end of a 30-day grace period during which the country must make the payments to avoid defaulting. Russia said it had sent the funds to investors, but financial sanctions imposed on the country following its invasion of Ukraine have hampered Moscow’s ability to...

Russia's failure to pay $1.9 million in accrued interest on a dollar bond will trigger payouts potentially worth billions of dollars, a panel of investors determined on Wednesday, as the country teeters on its first major external debt default in over a century.