Moscow: After the attack on Ukraine, the effect of international sanctions imposed on Russia is starting to show. For the first time in 100 years, Russia could not repay its foreign debt on time. Russia has reportedly become a defaulter. According to a Bloomberg report, the deadline for repayment of Russia’s foreign debt expired on Sunday. He had to pay $100 million as interest. With this, the one-month moratorium given to him also came to an end. However, Russia has refused to consider itself a defaulter.
Russia was supposed to pay $100 million in interest on foreign debt on June 26, but it failed to pay it. With this, he has become a defaulter for the first time since 1913. Here Finance Minister Anton Siluanov has said that we have money, but this situation has been created due to an artificial crisis.
Unable to pay due to restrictions
Russia says it has enough money to pay off foreign debt but is unable to repay international creditors due to sanctions imposed on it by Western countries. Finance Minister Siluanov said last month that we have money. There will be no difference in the standard of living of the people of Russia.
Russia has to pay 40 billion dollars
Russia has to pay foreign bonds worth about $ 40 billion. Half of this is foreign debt. Most of Russia’s foreign exchange and gold reserves are confiscated abroad due to sanctions imposed by the Ukraine war. Earlier Russia became a defaulter in 1913 during the Bolshevik Revolution. At that time the Tsar Empire of Russia had collapsed and the Soviet Union was formed.
These countries imposed a ban on Russia’s gold
Let us tell you that Britain, America, Canada, and Japan have banned the import of gold from Russia. Now gold will not be imported from Russia in these countries. During the meeting of the G-7 countries, it has been agreed between these countries to implement strict provisions. The purpose of this ban is to put pressure on Russian President Vladimir Putin, who is waging war on Ukraine.
Russia is the largest exporter of gold after petroleum. In the year 2021, gold worth 12.6 billion pounds was exported from Russia.
