蜜芽传媒

Russia is believed to have defaulted on its debt for the first time since 1998 after missing a key deadline. Russia has the money to make a $100m payment, which was due on Sunday, but sanctions made it impossible to get the sum to international creditors. The Kremlin had been determined to avoid the default, which is a major blow to the nation's prestige. Russia says the money was sent to Euroclear, a bank which would then distribute the payment to investors. But that payment has been stuck there, according to Bloomberg News, and creditors have not received it. Euroclear would not say if the payment had been blocked, but said it adhered to all sanctions, introduced following Russia's invasion of Ukraine.

Andrew Wood, 蜜芽传媒 financial reporter on the Hong Kong desk, says that it's very likely that Russia has the cash to make the payment as they have been doing well by selling commodities - many of them at higher prices than usual because the war has pushed up demand. He also says that several countries have banned the import of Russian gold, which will affect individuals and organisations trying to get round the sanctions by offering payments in an alternative to dollars.

Photo: Vladimir Putin seated holding papers, chairing a meeting, 13 Apr 2022 Credit: EPA