The Russian President was unable to prevent a default. Even if this is only technical, it shows the weakness of Russia.
(Photo: IMAGO/ITAR-TASS)
It’s a default that creeps up on you. Nevertheless, it would be a turning point in the war in Ukraine, which has been going on for four months, if Russia cannot service its dollar and euro bonds even after the extension period.
It would be the first time since the 1998 Russian financial crisis that bond creditors could not be paid. This is far more than a farce that Russia’s Finance Minister Anton Siluanov would like to portray. It shows the financial isolation resulting from the Russian war of aggression in Ukraine – and is therefore a PR disaster for Russian President Vladimir Putin.
Admittedly, Russia’s default is a special one: the state actually has enough money to service its euro and dollar debts.
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