Almost 100 Million Dollars Worth of Interest Payments on Russian Government Bonds Come Due This Past Sunday

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Almost 100 million dollars worth of interest payments on russian government bonds came due this past sunday with no sign of payment. Niku asgari: Unlike in many traditional, classic sovereign country defaults, russia has the money to pay. This has all arisen because of russia's war in ukraine and all the sanctions because of that. Soniko: Short term, it's not very significant at all, really, for russia. But in the long term, if and when russia decides to come back to foreign bond markets, and foreign investors choose to buy its bonds, which at the moment is almost impossible, they will face much higher borrowing costs.

Russia is on course to default on its debt for the first time since 1998, and Credit Suisse has become the first domestic bank to be found guilty of a corporate crime after a court found the lender failed to stop the laundering of Bulgarian drug money. UK travel chaos could widen this summer as travel unions threaten strike activity.

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Mentioned in this podcast:

Russia set for first debt default since 1998 as payment deadline passes

Credit Suisse found guilty over Bulgarian drug money failings

Is Britain headed for a summer of strikes?

US company spending on private jets for personal use hits 10-year high

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Read a transcript of this episode on FT.com

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