Ukrainian war, Putin signs a decree on retaliatory sanctions against the West
There Russia once again wards off the technical default of its foreign currency debt: according to reports from the news agency Bloomberg three investors would have had two dollar coupons credited to their respective accounts eurobonds, expiring in 2022 and 2042, on the eve of the end of the thirty-day grace period which began at the beginning of April, when the coupons have come to maturity. Due to the sanctions, the funds had been blocked, triggering the grace period 30 days.
But on the weekend, explains theHandlethe Russian government had surprisingly announced that it had made payments, about 650 million dollars, directed to the Citi agent bank, drawing from domestic reserves and using Bank Dom.RF, a bank not affected by the sanctions. The payment, which concludes a real gyncana between the sanctions, avoids Russia the first default of its history since the Bolsheviks ousting the tsars.
And if on the one hand Moscow avoids the defaultthe Russian president Vladimir Putin launches his move against the West and signs a decree on economic sanctions of retaliation. According to Reuters, the Kremlin has announced that the sanctions are in response to “hostile actions of some foreign states and international organizations. “The document does not contain the names of the natural persons or entities affected by the measures.
However, the decree gives the Russian government ten days to compile a list of persons or entities to be sanctioned, while also offering space to outline “additional criteria” for the number of transactions that may be limited. The decree will prohibit the export of products and raw materials to individuals and sanctioned entities. It also prohibits the transactions with foreign individuals and companies affected by Russia’s retaliatory sanctions. The announcement comes just as Europe is expected to propose a sixth package of sanctions this week, including a possible embargo on the purchase of Russian oil.
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