Russia Defaults On Its Foreign Debt As Grace Period For Payment Expires, Reports Say
ForbesMAR 25 2022
The Spin
Anti-Russia narrative
Even if Russia moved the money to some escrow account as it claims, the obligations of the bonds aren't met until the funds have been released and bondholders confirm receipt. Russia cannot claim it had no other choice – it chose to wage its invasion into Ukraine and hasn't backed down in the face of sanctions.
Pro-Russia narrative
Russia's foreign debts amount to $57B, but it has foreign reserves of nearly $600B. America and the EU are putting up false barriers to prevent Russia from repaying its loan obligations, which is giving the appearance of a default. Anyone who looks can see this isn't a default at all.