Worthy Christian News > World News > Russia on verge of $150B debt default as sanctions cripple economy

Russia on verge of $150B debt default as sanctions cripple economy

Wednesday, March 16, 2022 | Tag Cloud Tags: debt, Economy, EU, Euro, Europe, News, Russia, sanctions, UK, Ukraine, War, Worthy News | Learn about our FREE SYNDICATION Service | Receive Christian headlines and prayer alerts! | Printer Friendly

(Worthy News) – Russia is spiraling closer to a historic debt default that could ripple throughout the global economy after the U.S. and its European allies hit the Kremlin with a slew of crippling financial sanctions.

Moscow’s invasion of Ukraine nearly one month ago – the biggest attack on a European state in decades – elicited a raft of economic penalties from Western nations, including cutting off a key part of the Central Bank of Russia by preventing it from selling dollars, euros and other foreign currencies in its roughly $630 billion reserve stockpile.

The financial fallout has prompted credit rating agencies to downgrade their long-term debt rating for the Russian government to “junk” status, with Fitch warning that international sanctions have brought a “huge shock to Russia’s credit fundamentals.” It noted additional sanctions remain a distinct possibility. [ Source: Fox News (Read More…) ]

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