Russia's Economy Starts To Implode -- Officially -- April 11, 2022

Ukraine-Russia: a race against time.

• Russian economy will implode summer of 2022.

Russian Railways officially in default, link here.  

Russian Railways has been ruled in default on a bond after missing an interest payment last month in the latest sign that western sanctions are hammering Moscow.

The decision by the Credit Derivatives Determinations Committee comes after the state-owned company failed to make a payment to investors and a 10-day grace period expired.

Contracts insuring the company’s debt against default will be triggered, and holders will now wait to see how much will be paid.

The move, which is the first time a Russian debt instrument has been officially classified as defaulted since the invasion began, could set a precedent for other companies and even the government.

Scrutiny is growing over whether Russia will default on its sovereign bonds after Moscow made two coupon payments in roubles last week. Both notes have a 30-day grace period.

If Russia defaults, it will be the first time it's happened since the Bolshevik Revolution in 1917.

Russia has said they will default on huge bond payment due in April, but will sue "the West" because "the West" has frozen upwards of half their gold bullion and foreign reserves assets.