Russia may have defaulted on its debt for first time in 100 years: Moody's
Russia tried to service the debt in rubles when it was mandated that payment be in dollars
Bill Browder: Putin stole 'hundreds of billions' from the Russian people
Hermitage Capital CEO tells 'The Claman Countdown' Putin started the Ukraine war to distract the Russian people after he stole their money.
Russia may have defaulted on foreign bonds for the first time since the years following the 1917 Bolshevik Revolution.
That's the word from credit agency Moody's after Moscow tried to service its debt in rubles.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Russia is required to service its debt in U.S. dollars, according to Reuters.
Russian President Vladimir Putin (Mikhail Klimentyev, Sputnik, Kremlin Pool Photo via AP / AP Images)
Moscow made payments on April 4 on two sovereign bonds maturing in 2022 and 2042.
RUSSIA INVADES UKRAINE: LIVE UPDATES
Russia "therefore may be considered a default under Moody's definition if not cured by 4 May, which is the end of the grace period," Moody's said in a statement on Thursday.
A picture taken shows the Vodovzvodnaya Tower of the Kremlin (L) and the Ministry of Foreign Affairs of Russia's building. ((Photo by NATALIA KOLESNIKOVA/AFP via Getty Images) / Getty Images)
Another credit agency, Standard & Poor's, issued a downgrade of Russia's foreign currency rating a week ago, increasing the prospect of Moscow defaulting on external loans for the first time in more than a century.
CLOCK TICKS TOWARD RUSSIA DEFAULT AFTER S&P DOWNGRADE
It was at that time S&P didn’t expect Russia to be able to convert the rubles into dollars within the 30-day grace period allowed.
Russia has said it wants to service its debt, but the sanctions put on it by Western nations has prevented it.
CLICK HERE TO READ MORE ON FOX BUSINESS
At one point, the U.S. Treasury blocked a transfer of a $649 million to holders of sovereign bonds, keeping Russia from using any of its frozen foreign currency reserves, according to a previous report from Reuters.