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In a further setback to the Western Alliance, Russia, still stinging from the heist of their $300 billion by the United States, has deftly turned the tables on the crooks who took their money. The money commandeered by Washington DC was Western payment for completed Russian gas deliveries.
The Deep State did so this money could not be used to settle Russia’s debts, then Russia would go into default which would negatively impact the Russian economy.
Because stealing Russian assets is illegal and unexpected. Washington was ecstatic: As a result, international rating agencies sharply downgraded Russia’s credit rating and warned of the risk of a default in the country.
‘There are no reasons for a default in Russia,’ said Dmitry Peskov, press secretary of the president. According to him, the country has the means to fulfil its debt obligations and Moscow is ready to pay.
However, since the United States prohibits the Russian authorities from repaying foreign debt in dollars (which they had stolen, payments will now be made in rubles.
For this, for example, a mechanism similar to the gas payment scheme can be used, the Kremlin representative noted. Now the Ministry of Finance of the Russian Federation is working on such a possibility. Experts do not rule out that foreign creditors will approve a new scheme to receive their money.
‘Our position is well known: there can be no objective reasons for default. There is money, and there is a willingness to pay it, whether in rubles or according to a scheme that may be more convenient for paper holders,’ the Kremlin spokesman said.
The United States allowed Moscow to settle its debts in foreign currency, but only with new money, not its seized £300 billion. However, on May 25, Washington terminated the license that allowed the Russian Federation to pay off American creditors in dollars.
Nevertheless, the Russian authorities declared their readiness to continue fulfilling the state’s debt obligations, but only in rubles. To do this, the country’s leadership can use a scheme that has already been tested in the course of gas payments.
‘In general, the practice, for example, of the gas payment system (in rubles has shown its convenience for both sellers and buyers in the current conditions. Why not use it, only in reverse order? Peskov said.
‘The procedure for settling external debt can operate in the same way, but in a different direction. In order for the investor to be able to receive payment in the original currency, he will need to open foreign currency and ruble accounts in a Russian bank.
‘This is done initially in such a way that each of the investors receives the strictly required amount due to him for repayment and specified by NSD. All transactions within the bank take seconds in the electronic system. After being credited to a foreign currency account, the obligations to the creditor are fulfilled, and he can dispose of the funds in his account,’ added Goykhman.
‘It is more likely that a default will be avoided altogether. The procedure for repaying the state debt that is being discussed now will most likely be adopted by foreign holders of Eurobonds since they will have the opportunity to receive their money.
A similar point of view is shared by Vladislav Antonov. As the specialist recalled, to begin with, a number of Western countries announced their unwillingness to pay for gas in rubles, but in the end, more than half of Gazprom’s clients agreed to Moscow’s conditions and more are caving in. A similar development of events is possible in the case of Eurobonds, the analyst believes.
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According to him, the United States has chosen a strategy of theft and intimidation but its illegal attempts to organize an artificial default in Russia are to the disadvantage of American investors. Such initiatives, together with the freezing of Russian reserves, can seriously undermine confidence in the US financial system in the long term, the expert is sure.
‘The business reputation of the United States has already sunk below the surface. The states believe that they are the masters of the world and everyone should dance to their tune. The Joe Biden team, by their actions, showed many countries that the gold reserves of central banks are not protected and can be frozen at any time, ‘concluded Antonov. Source
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