NO ROUBLES, NO COUPON – AS SIMPLE AS THAT! – RUSSIA DEFAULTS ON FOREIGN BONDS FOR THE FIRST TIME SINCE 1918 – BUT WHY DO TAIWAN & BONDHOLDERS OF OTHER NATIONS, ESPECIALLY THE WEST, ACT SO SURPRISED? – AFTER CONFISCATING BILLIONS OF DOLLARS OF THE RUSSIAN PEOPLE’S WEALTH & SLAPPING ON A HISTORIC AVALANCHE OF SANCTIONS, FOR SURE MOSCOW WILL RETALIATE IN ‘SCORCHED EARTH’ KIND

Russia-Ukraine live news: Moscow set for first default in century

The grace period for the deadline on Russia’s foreign debt payment of $100m expired on Sunday night, setting Moscow on track for its first major debt default on international bonds since the Bolshevik revolution.

  • Ukraine’s President Volodymyr Zelenskyy says his country needs a more modern air defence system after a series of deadly attacks on the capital Kyiv, as well as the regions of Mykolaiv, Chernihiv and Lviv.
  • Russia has effectively defaulted on its foreign-currency sovereign debt after the grace period for the payment deadline expired on Sunday.
  • Leaders from the G7 held their first day of meetings, in which four nations backed a ban on Russian gold – although it is unclear whether there is a consensus yet.
  • Turkish President Recep Tayyip Erdogan will attend a round of talks with the leaders of Sweden and Finland, as well as NATO on Tuesday ahead of the summit in Madrid, his spokesperson says.
  • NATO leaders are expected to urge Erdogan to lift his veto over Finland and Sweden’s bid to join the military alliance

Taiwan holders of Russian bonds say haven’t received payments: Reuters

Some Taiwanese holders of Russian Eurobonds have not received interest due on May 27 after a grace period expired on Sunday evening, two sources told Reuters.

President Vladimir Putin signed a decree last Wednesday to launch temporary procedures and give the government 10 days to choose banks to handle payments under a new scheme, suggesting Russia will consider its debt obligations fulfilled when it pays bondholders in roubles.

One of the Taiwanese sources told Reuters that with the two Eurobonds in question there was “no rouble clause attached”.

Kremlin rejects Russia debt default claim

Moscow says it rejects claims that it has defaulted on its external debt for the first time in more than a century.

In a call with reporters, Kremlin spokesperson Dmitry Peskov said Russia made bond payments due in May but the fact they had been blocked by Euroclear because of Western sanctions on Russia was “not our problem.”  AL JAZEERA

Ban on New Gold Imports From Russia Seen as ‘Largely Symbolic’

The plan by some Group of Seven nations to ban new goldimports from Russia is “largely symbolic” as flows have already been restricted by sanctions, according to analysts.

The US, UK, Japan and Canada plan to announce the ban during the G-7 summit that started Sunday in Germany. While the UK government said in a statement over the weekend that “this measure will have global reach, shutting the commodity out of formal international markets,” analysts played down the potential impacts as the London Bullion Market Association, which sets standards for that market, removed Russian gold refiners from its accredited list in March.

Spot gold rose 0.5% to $1,835.41 an ounce as of 9:35 a.m. in Singapore on Monday. While bullion surged in March to a near record high as the war in Europe boosted demand for the haven asset, prices are now little changed this year as central banks tighten monetary policy. Source : Bloomberg

AL JAZEERA / https://www.kp-press.com/

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