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Putin Is In Total Sanctions Hell (And Nearly Defaulted On Its Debt)

Russia vs. Ukraine
Russian military drilling with artillery. Image Credit: Creative Commons.

Russia Makes Last-Minute Dollar Debt Payments to Avoid Default – Amid a worsening economic situation in Russia and a slew of Western economic sanctions, a series of last-minute U.S. dollar payments were made to international creditors on Friday, avoiding a default. It comes after Russia previously promised to only pay its debt in rubles. 

The Russian Ministry of Finance said that it had paid a total of $564.8 million on a 2022 Eurobond, as well as $84.4 million on a 2042 bond. Both payments were made in dollars. 

The Russian finance ministry also said that it had moved the necessary funds to pay a London branch of Citibank. 

It is unclear, however, whether the payments will ultimately make it to the West is up in the air. Russia is locked out of the SWIFT banking system and sanctions implemented by the United States and European Union have made it almost impossible for Russia to transfer funds overseas or make dealings in foreign currencies

Russia Previously Made Payments in Rubles

On April 4, Russia made a payment on the same two sovereign bonds in rubles rather than in U.S. dollars, which was required under the terms of the contract. Moody’s, an investment service that also determined credit ratings, said that the decision to make payments in the local currency could have constituted a default if not remedied by May 4, which would be the end of the one-month grace period outlined in the contract.

“The bond contracts have no provision for repayment in any other currency other than dollars. Although Eurobonds issued after 2018 allow under certain conditions for repayments to be made in rubles, those issued before 2018 (including the 2022 and 2042 bonds) either do not contain this alternative currency clause or allow for repayments to be made only in other hard currencies (dollar, euro, pound sterling or Swiss franc),” Moody’s analysts said at the time. 

The recent U.S. dollar payment rectifies the last payment and avoids Russia slipping into default.

Russia has not defaulted on its foreign debt since 1917, during the Bolshevik revolution. The last time the country defaulted on any debt was in 1998. However, since the outbreak of the invasion of Ukraine and the Western sanctions that followed, the country has come close to defaulting on several occasions. 

Russian Finance minister Anton Siluanov said in March that if Russia is forced into default by Western sanctions, the country plans to take legal action.

Jack Buckby is a British author, counter-extremism researcher, and journalist based in New York. Reporting on the U.K., Europe, and the U.S., he works to analyze and understand left-wing and right-wing radicalization, and reports on Western governments’ approaches to the pressing issues of today. His books and research papers explore these themes and propose pragmatic solutions to our increasingly polarized society.

Written By

Jack Buckby is 19FortyFive's Breaking News Editor. He is a British author, counter-extremism researcher, and journalist based in New York. Reporting on the U.K., Europe, and the U.S., he works to analyze and understand left-wing and right-wing radicalization, and reports on Western governments’ approaches to the pressing issues of today. His books and research papers explore these themes and propose pragmatic solutions to our increasingly polarized society.

6 Comments

6 Comments

  1. Alex

    May 1, 2022 at 7:05 am

    I was in Russia a week ago. I say it like it is: the peoples of Russia don’t care about sanctions, they don’t even talk about such topics, because they live well. On these sunny days they walk and rejoice. When I came back home to Europe, I met a lot of gloomy people – they have big economic problems. It’s like the 90s in Russia on the contrary: in Russia everything is fine, in the West it’s just a disaster.

    And now, not stupid propaganda from pseudo-journalists and squealing Bandera bastards, but real facts. Let’s see how Russia “lost”:

    In total, since the beginning of the special military operation, Russia has destroyed 143 aircraft, 112 helicopters, 660 unmanned aerial vehicles, 279 anti-aircraft missile systems, 2,678 tanks and other armored combat vehicles, 308 multiple rocket launchers, 1,196 field artillery pieces and mortars, as well as 2,503 units of special military vehicles. Destroyed 43.814 Bandera Nazis and soldiers of the Armed Forces of Ukraine. 3,540 soldiers surrendered.

    Utilization of US and NATO equipment is proceeding according to plan:
    High-precision missiles “Onyx” in the Odessa region at a military airfield destroyed a hangar with weapons and ammunition received from the United States and European countries, and also destroyed the runway.

    Every day, the flags of the people’s militia of Donbass, Russia and Chechnya are raised over a new liberated settlement. Everything can be seen on the map of hostilities.

    A French journalist released another film about the atrocities of Bandera Nazi bastards. The photo and video evidence is simply amazing – these bastards of Bandera Nazis only need to be exterminated, finally and completely.

    The point is that no matter how hard the pseudo-journalists try to lie, the truth inevitably comes to the surface.

    By the way, Russian special forces seized important documents from one of the American biological laboratories in Ukraine. The announcement is this: the experiments that the Americans conducted on people, on Ukrainians, amaze the imagination with their cruelty.

    I will say this: “Hello, new Third Reich, you will also be destroyed.” History is cyclical. Again the West is trying to defeat Russia and will be defeated again.

  2. CK

    May 1, 2022 at 9:44 am

    Hey Alex, look at this! You’re in the news!

    https://www.theguardian.com/world/2022/may/01/troll-factory-spreading-russian-pro-war-lies-online-says-uk

    “Russian internet trolls based in an old arms factory in St Petersburg are targeting world leaders online and spreading support for Vladimir Putin’s invasion of Ukraine, the British government has said, citing research.”

    “The headquarters is allegedly located in rented space in St Petersburg’s Arsenal Machine-building Factory, a company that manufactures military equipment and technology.”

    “The study details how the Russian president’s regime is trying to manipulate public opinion on social media, as well as in the comments sections of major media outlets.”

    “The analysis suggests one main activity is “brigading”, to steer attention of discussion on social media and in comments sections of newspapers towards favoured opinions. Manipulation of polls in western media was also observed, including to skew the results of a survey on whether sanctions against Russia were supported.”

    Does this look like anyone we know? Also, sucks that they are making you work on a Saturday man! Is it that bad over there you guys can’t make ends meet?

    Does Sveta not have enough clients? Reach out man, we want to help!

    Here’s a reminder:

    If someone wanted to know the truth about anything in Ukraine Alex, the last person they would go to is you.

    Paragraphs and paragraphs of bollocks, dubious claims about “independent journalists”, random documentarians, conspiracy theorists, deluded claims that of course, have no backup, lie after lie after lie.

    Classical Kremlin troll approach. Just flood the internet, the comments, the media, with tosh, doesn’t matter what it is, just make sure you write some old nonsense. Make sure to say the claim is supported by some dude in Germany, France, the states. If it’s a “documentary” (usually from youtube) then the better.

    Anything that victimises Russia, always the victim, always the bullied, never the problem. It’s always the Nazis. It’s always some pseudo-historical point.

    Anyone that has had the misfortune to study your “tactics” sees the forest for the trees, the pattern of lies, disinformation, blanketing of random claims, deflection, obfuscation, and other words beyond your vocabulary.

    It’s hopeless Alex. Your lies are as short as your intellect. What a pathetic job, to sit in your government shed, spreading your pathetic, government lies.

    A pathetic job for a truly pathetic man. A better match could not be made in heaven.

  3. Alex

    May 1, 2022 at 10:19 am

    Representatives of the hacker group “Beregini”: the Ukrainian “troll factory” was trained by Polish instructors.
    The Ukrainian “troll factory” used the services of Polish instructors.

    The United States and Great Britain participated in the work of the center of information and psychological operations, but so far only Polish influence has been documented.

    “It is clear from the documents that we found among them certificates from Polish instructors stating that they trained the employees of the center, and it is also clear from the manner of their work that they are supervised by the West,” said a representative of the group.

    According to her, in Ukraine they invent “atrocities” of the Russian army and fantasize about the number of victims.

    “Some small particle is taken, the truth, which any person can check, and a lie is wound on this particle, a fake in itself. And people check this first clue: yeah, yes, it seems to be true. And then they seemed to believe and checked, why check further, ”she explained.

    The interlocutor added that sometimes old videos are used with additional voice acting or comments: this allows you to give life to a new “interpretation” and put fakes on the news channels.

    On the eve of Beregini, it was reported that as a result of the destruction by the Russian Armed Forces of the Ukrainian 72nd Center for Information and Psychological Operations, the work of its “bot factory” was significantly disrupted, but will soon be restored. Nevertheless, according to them, “for several days in the midst of the Russian military operation, we managed to shut them up and ease the information pressure on the population of Ukraine and Russia.”

    After Russia launched an operation to protect the republics of Donbass, social media users were faced with a huge amount of fake information. According to independent hackers, the 72nd Center for Information and Psychological Special Operations of Ukraine is responsible for the production of most of it.

    On March 2, in order to suppress information attacks against Russia, the technological facilities of the Security Service of Ukraine (SBU) and the 72nd main center of psychological operations were hit with precision weapons in the city of Kyiv.
    Therefore, Bandera trolls sit on such sites, where they do not care about the truth, but lies and propaganda. But almost no one here reads them. That is why they squeal and hysteria like patients of the Lviv Regional Psychiatric Hospital. Oh, they write from there.

    But the most interesting thing is not this, but the fact that my information is easy to verify – it is published by independent American, German, French, Chinese journalists and experts, any information of the Bandera Nazi troll is easily refuted.

  4. Alex

    May 2, 2022 at 8:10 am

    In the meantime, the Bandera Nazi from the Ukrainian troll factory lost his voice from screeching and choked on bile, let’s talk about how the day went:

    Politico reported thousands of foreigners fighting on the side of Ukraine
    Combat-trained Americans, along with thousands of other foreigners, are participating in the military operations in Ukraine on the side of Kyiv. Such an assessment is given in an article published in the American edition of Politico. The publication refers to retired military and employees of American PMCs, who are currently on the territory of Ukraine.

    The material notes that in Ukraine, in particular, the Task Force Yankee group, headed by the American Harrison Yosefovitz, operates. He previously worked as a police officer in Chicago, Illinois, and also served in the US Army (ground forces).

    On April 29, CNN, citing the family of an American citizen and PMC mercenary Willie Joseph, reported his death in Ukraine. According to the mother of the mercenary, he went to Poland on March 12 and crossed the border into Ukraine on March 12-13. The woman noted that in the group of mercenaries, in which her son was, there were citizens of “a variety of countries.”

    The mercenaries come from the USA, Canada, Georgia, Great Britain, Poland and Romania.
    More than a thousand mercenaries have already been destroyed. About a thousand more refused to participate in hostilities and returned to their former extremist deployment sites.

    The remaining 4.8-5 thousand foreign mercenaries should return to their states, since, according to international law, they are deprived of legal protection and “at best” they will face long-term imprisonment. As we understand, most likely they will never return home. an easy walk to hunt people turned out to be a trap forever.

    Representatives of the military-civilian administration of Kherson raised the Russian flag on the building of the local executive committee in the Russian-controlled village of Chernobaevka, where the Kherson international airport is located.
    Russian security forces also removed Ukrainian signs from the building of the local administration.
    According to the residents of Chernobaevka, the former head of the village administration, Igor Dudar, fled to the territory controlled by Ukraine. During his reign, the Eternal Flame was extinguished at the monument to the fallen heroes of the Great Patriotic War, and photographs of veterans were taken from the village Board of Honor. Now, as assured in the military-civilian administration, all this will be corrected.

    Over the past day, from 8:00 am on May 1 to 8:00 am on May 2, 159 people, including 29 children, were evacuated from Mariupol to Bezymennoe, Novoazovsky District. Then people flee to Russia. Do you need more evidence of who is the aggressor and the killer, and to whom they run for help? Yes, propagandists and liars cannot change this.

    During the day, Russian air defense systems destroyed 10 Ukrainian unmanned aerial vehicles in the areas of the settlements of Vesele, Borshchevo and Balakleya in the Kharkiv region, Kisylivka in the Kherson region, Mayak in the Zaporozhye region, Dokuchaev, Korsun and Khanzhinkovo ​​of the Donetsk People’s Republic, as well as in the area of ​​the city of Lugansk. Western drones turned out to be just targets for Russia and Donbass.

    High-precision air-launched missiles hit 38 Ukrainian military facilities in a day. Among them are four command posts, 30 strongholds, areas of concentration of manpower and Ukrainian military equipment, and three warehouses of missile and artillery weapons in the areas of Pervomayskoye and Ilyichevka settlements.

    The Osa AKM air defense system and a battery of multiple launch rocket systems in the Arkhangelovka area were also destroyed. Aviation of the Russian Aerospace Forces hit 27 strongholds, areas of concentration of manpower and military equipment of the Armed Forces of Ukraine, as well as a depot of rocket and artillery weapons and ammunition in the area of ​​​​the village of Chervonoe, Zaporozhye region. Up to 160 personnel and 26 units of Ukrainian armored vehicles were destroyed.

    During the day, the missile forces hit nine strongholds and areas of concentration of manpower and equipment, as well as the BM-21 Grad and an artillery battery in firing positions. Artillery subunits hit 26 command and control posts, 78 strongholds, 359 manpower and equipment concentration areas, and 67 artillery firing positions. Six ammunition depots, up to 280 personnel and 43 units of weapons and military equipment of the Armed Forces of Ukraine were destroyed.

    In total, since the beginning of the special military operation, Russia has destroyed 146 aircraft, 112 helicopters, 683 unmanned aerial vehicles, 281 anti-aircraft missile systems, 2,756 tanks and other armored combat vehicles, 316 multiple rocket launchers, 1,234 field artillery and mortar guns, as well as 2,563 units of special military vehicles. All this is confirmed and documented. Now tell us about 200,000 dead Russians and 5,000 destroyed Russian tanks, clowns.

    The Ukrainian authorities are seeking the evacuation of all those at the Azovstal plant in Mariupol to the territory controlled by Kyiv in order to hide the presence among the military countries.

    Among those at the plant there are a large number of characters who will confirm the presence of mercenaries, and perhaps acting officers of the Western armies on the side of the Ukrainian radicals.

    Does the elimination of the influence of a few dozen (even thousands) of Nazis deserve to put a country of forty million at risk? This is not a completely correct question. This is a question that concerns the fundamental security interests of the Russian Federation.

    We all remember the beginning of Nazism in Ukraine:
    persecution of the Russian Orthodox Church, the Russian language and the Russian media was carried out, sales of all printed materials in Russian were stopped, laws were adopted to promote Nazi theory and practice.

    The whole world understood that Ukraine is not worth starting a nuclear war, for which all the peoples of Russia are ready, but the peoples of the West are not ready. However, if crazy politicians want to try, it will be as President Putin said: “… we will all go to heaven, and you all will just die …”. Most importantly, the majority of Russians supported his words. Are you ready for war with Russia? Then go ahead and try it.

  5. CK

    May 2, 2022 at 9:15 am

    You can smell the panic when the story changes day by day.

    Day 1: We will take Kiev in 3 days! (Alex put’s on clown shoes)

    Day 2: All Bandera-Nazis will be crushed! (Alex puts own striped clown trousers, with suspenders)

    Day 3: Retreat is all part of the master plan! The Moskva suffered a fire! We remain master strategists! (Alex puts on clown shirt, with a water squirtie flower in his pocket)

    Day 4: Don’t look at Ukraine! Look at Biden, Afghanistan, Iraq, BLM, MAGA, Trump, Hunter Biden, look at the birds, Elon Musk, anywhere but what we are doing in Ukraine! (Alex puts on his clown makeup)

    Day 5: Look at all these fake documentaries, all these fake independent reporters, these pseudo-histocal facts, all this nonsense! (Alex puts on his bright green clown wig)

    Day 6: Donbas Militia will crush everyone in East! Battle of encirclement is imminent! Victory shall be ours, we swear bro, plz believe bruh! (Alex puts on his clown gloves)

    Day 7: No! We are not losing, it’s just because now there are thousands of Americans and Irishmen and Scots and god knows who else fighting with the Americans! We’d totes be winning if it weren’t for those pesky kids! (Alex grabs his clown equipment)

    Day 8+: Alex is revealed for the clown he is.

    Every day a different story huh? No wonder you clowns can’t get shit done in Ukraine, you have no focus.

  6. Alex

    May 2, 2022 at 9:36 am

    I like your hysteria, Bandera Nazi. A beggar, vicious juvenile troll from the poorest country in Eurasia – Ukraine, who hid behind his mother’s skirt and does not fight with a machine gun in his hands, but squeals and hysteria here like a patient of the Lviv Regional Psychiatric Hospital. But we remember. what do you write from there. And here are two buts:
    1. Attributing other people’s words and fantasies to me will not work.
    2. All my data is easy to verify and is based on the state media of Western and Eastern countries, as well as independent journalists, whom you cannot accuse of lying, because they have an extremely high reputation in their field.
    Bottom line: which of us is a clown, you can see right away and it’s you. Tell your handlers you’re pathetic, unfit for the job, and you’re being paid 10 cents an hour for nothing.

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