Society

Russia's possible default expected to have limited impact on Japan

Mar 21 (Japan Times) - Although Russia reportedly made an interest payment to its bondholders to avoid a default last week, it still faces a high risk of defaulting with following deadlines amid international sanctions over the country’s ongoing aggression against Ukraine.

But market observers say that a possible default would have limited impact on Japanese financial institutions, given their small exposure compared with their European peers.

Moscow made coupon payments totaling $117 million (¥13.9 billion) on two Russian government bonds denominated in dollars on Thursday, a day after the deadline but within a 30-day grace period. But a $447 million payment is due on March 31, followed by another deadline on April 4.

In 2022, Russia still has a total of $4.6 billion in interest and principal to pay, of which $4.14 billion is not allowed to be made in rubles, according to Osamu Tanaka, chief economist at the Dai-ichi Life Research Institute.

Paying for foreign currency-denominated bonds is becoming increasingly difficult for Russia, as the European Union, the United States and Japan have frozen about half of the country’s foreign currency reserves. Seven Russian banks were also excluded from a key international payment system known as SWIFT. ...continue reading

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