Late last week, Moody’s Investors Service warned the country’s decision to make payments on the dollar-issued debt in rubles would constitute a default because it violates the terms of the contract. A 30-day grace period allows Russia until May 4 to convert the payments to dollars to avoid default.
Default is one of the clearest signals that the sanctions imposed by the U.S. and other countries are having their intended effect on the Russian economy. But will it have any impact on Russia’s ability to wage war in Ukraine?
Putin tells Europe: You still need Russian gas but we're turning east
(Reuters) -President Vladimir Putin said late last week that Moscow would work to redirect its energy...
(Reuters) -President Vladimir Putin said late last week that Moscow would work to redirect its energy exports eastward as Europe tries to reduce its reliance on them, adding that European nations would not be able to ditch Russian gas immediately.
Russia supplies around 40% of the EU's natural gas, and western sanctions over what Moscow calls its "special military operation" in Ukraine have hit its energy exports by complicating the financing and logistics of existing deals.
Cash-Strapped Pakistan Cuts Power to Households on Fuel Shortage
(Bloomberg) Pakistan is cutting electricity to households and industry as the cash-strapped...
(Bloomberg) Pakistan is cutting electricity to households and industry as the cash-strapped country can no longer afford to buy coal or natural gas from overseas to fuel its power plants.
About 3,500 megawatts worth of power capacity had been shut due to the fuel shortages as of April 13, according to a Twitter post by Miftah Ismail, who has been selected as finance minister by new Prime Minister Shehbaz Sharif. A similar amount is offline due to technical faults, he said. The more than 7,000 megawatts represents almost a fifth of total generation capacity, according to Tahir Abbas, the head of research at Arif Habib Ltd. in Karachi.
Oil prices hit near 3-week highs on supply fears amid deepening Ukraine crisis
TOKYO (Reuters) -Oil prices climbed to nearly three-week highs on Monday as fears over tight global supply...
TOKYO (Reuters) -Oil prices climbed to nearly three-week highs on Monday as fears over tight global supply grew, with the deepening crisis in Ukraine raising the prospect of heavier sanctions by the West on top exporter Russia.
Brent futures were up $1.09, or 1.0%, at $112.79 a barrel at 0445 GMT, after hitting its highest since March 30 of $113.80 earlier in the session.
U.S. West Texas Intermediate futures rose $1.00, or 0.9%, to $107.95 a barrel, having gained to as high as $108.55, the highest since March 30.
U.S. stock futures fall headed into big earnings week
After the markets were closed for Good Friday, the U.S. stock-index futures fell Sunday, ahead of a big...
After the markets were closed for Good Friday, the U.S. stock-index futures fell Sunday, ahead of a big week of earnings reports.
As of 10:15 p.m. Eastern, Dow Jones Industrial Average futures YM00 futures fell about 90 points, or 0.3%, while S&P 500 futures ES00 declined 0.6% and Nasdaq-100 futures NQ00 tumbled 1%. After sharp losses, once trading began Sunday evening, all three indexes were improving slightly as the overnight trading session continued.
Futures for U.S. crude CLK22, meanwhile, rose to $108.04.
