Volatile ruble pairs intraday losses as Russia slips into default zone

The Russian ruble wall early losses in volatile Moscow trade on Monday as Russia looked set for its first sovereign default in decades after some bondholders said they had not received overdue interest following the expiration of a key payment deadline a day earlier. Russia has struggled to keep up payments on $40 billion of … Read more

Russia restricts budget data to evade Western sanctions

Russia will no longer be as forthcoming about its budget spending as it attempts to shield the country from further sanctions, the Finance Ministry said Tuesday. In a statement, the ministry said it will partially restrict the information about budget spending it makes public in response to the “negative consequences” of sanctions on the Russian … Read more

Russia braces for economic upheaval as sanctions start to bite

At his garage in the south of Moscow, 35-year-old mechanic Ivan is starting to worry. With billions of dollars in financial reserves and money still coming in from oil and gas exports, Russia has yet to feel the full impact of the barrage of Western sanctions imposed over its offensive in Ukraine. But Ivan sees … Read more

Russia plans to settle foreign debt using gas-for-rubles type scheme

Russia plans to settle its Eurobond obligations using a mechanism similar to the scheme used to pay for Russian gas in rubles, the Vedomosti newspaper reported, citing Finance Minister Anton Siluanov. The United States pushed Russia closer to the brink of a historic debt default last Wednesday by not extending its license to pay bondholders, … Read more