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Drudge Retort: The Other Side of the News
Sunday, June 26, 2022

Russia is on the brink of its first debt default since 1998 as the Sunday deadline to make a $100m interest payment seems certain to be missed.

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It happened. They defaulted. Western bond holders will start going after oil tankers laden with Russian oil, and so long as those ships are in international waters the cargo can be claimed by the creditors.

Last week Vlad the savvy, stable genius said western sanctions are not bothering Russia. The default will hurt more than the sanctions, and for much longer ...

#1 | Posted by catdog at 2022-06-26 09:34 PM | Reply | Newsworthy 1

One has to wonder which dependent country is going to step up and send Mr. Putin a care package. Or perhaps China will pay in advance for future shipments, like they've done in the past.

#2 | Posted by Twinpac at 2022-06-27 07:33 AM | Reply

Ships don't need to go into international waters to go to China from Russia. China's main source of Oil is now Russia.

#3 | Posted by GalaxiePete at 2022-06-27 09:28 AM | Reply

@#2 ... One has to wonder which dependent country is going to step up and send Mr. Putin a care package. ...

Russia has the money to pay the bond holders. That is not the problem.

The problem is that sanctions dried up the means for Russia to pay the bondholders.

Russia Slips Into Historic Default as Sanctions Muddy Next Steps
www.yahoo.com

...Russia defaulted on its external sovereign bonds for the first time in a century, the culmination of ever-tougher Western sanctions that shut down payment routes to overseas creditors.

For months, Russia had found paths around the penalties imposed after the Kremlin's invasion of Ukraine. But at the end of the day on Sunday, the grace period on about $100 million of trapped interest payments due May 27 expired, a deadline considered an "Event of Default" if missed.

The route to this point has been far from normal, as Russia has the resources to pay its bills -- and tried to do so -- but was blocked by the sanctions. Those restrictions also mean there's huge uncertainty about what comes next, and about how investors can go about getting their money....



#4 | Posted by LampLighter at 2022-06-27 11:23 AM | Reply | Newsworthy 1

It is now more imperative than ever that Ukraine surrender.

#5 | Posted by Zed at 2022-06-27 02:52 PM | Reply

If the sanctions are causing the default,and Russia has the means and desire to pay, the sanctioning government's are responsible for the default. The creditors should go to THEM for payment. Alternatively,Russia could pay in rubles. If the creditors don't want their money that's their problem.

This is an artificial problem, created by the sanctions. The Russians are not at fault.

The sanctioning powers that are hamstringing them are.

#6 | Posted by Effeteposer at 2022-06-27 04:37 PM | Reply | Funny: 2

So many Trumpers and right wingers weeping tears and bemoaning the misfortune of Putin. F****** traitors and suckers.

#7 | Posted by moder8 at 2022-06-27 05:31 PM | Reply | Newsworthy 1

If the sanctions are causing the default,and Russia has the means and desire to pay, the sanctioning government's are responsible for the default.

#6 | POSTED BY EFFETEPOSER A

What genius.

#8 | Posted by Zed at 2022-06-27 05:52 PM | Reply

@#6 ... the sanctioning government's are responsible for the default. ...

If Pres Putin's unprovoked invasion of a sovereign Ukraine, for the purpose of annexing and eliminating Ukraine, had not occurred then the sanctions would not be necessary, and Russia would not have defaulted.

#9 | Posted by LampLighter at 2022-06-27 06:09 PM | Reply | Newsworthy 1

The sanctions aren't "necessary". They are a stupid ineffective means of coercion. If they want to fight Russia,they should do that. Sanctions just hurt innocent people.

Putin is not hurt by the sanctions. Poor people in developing countries are starving because of them,not Putin.

The sanctions show how weak NATO really is.

#10 | Posted by Effeteposer at 2022-06-27 06:32 PM | Reply | Funny: 2

@#10 ... The sanctions aren't "necessary". ...

Pres Putin's unprovoked invasion of a sovereign Ukraine, for the purpose of annexing and eliminating Ukraine, is the thing was not "necessary."

The sanctions are part of a necessary multi-faceted response to that unprovoked invasion.


#11 | Posted by LampLighter at 2022-06-27 06:43 PM | Reply | Newsworthy 1

The sanctions show how weak NATO really is.
#10 | POSTED BY EFFETEPOSER

If NATO is so weak, why is Putin worried about Ukraine joining NATO?

LOL

#12 | Posted by snoofy at 2022-06-27 06:46 PM | Reply | Newsworthy 1

@#10 ... Poor people in developing countries are starving because of them,not Putin. ...

There are food supply problems because Pres Putin's port blockades are preventing the export of Ukraine's agricultural food supplies (mostly grain) via those ports.

#13 | Posted by LampLighter at 2022-06-27 06:47 PM | Reply

LAMP

Yes, and if Mr. Putin had checked the receipts in his Defense Budget, he might have found that there was a skunk in the woodpile ~~ namely, his Defense Minister, (and BFF) Sergei Shoigu, who, for the past 20 years had embezzling billions of dollars that Mr. Putin thought was modernizing his Army for just this one special occasion.

His legacy ~ the restoration of the former U.S.S.R to its former power and glory.

How embarrassing to have one's legacy destroyed by one's best friend.

So much for hiring friends and family. Poor judgment!

#14 | Posted by Twinpac at 2022-06-27 06:47 PM | Reply

#13 The Ukrainian military mined their own waters. It's the mines preventing grain shipments,not a "blockade". The Ukrainian ultranationalist obsession with "territorial integrity" is the problem. Why do they want regions that don't want to be part of the Ukraine? They want the land and infrastructure.

The people will be slaughtered if they win.

They DON'T want them.

But that's all good, right?

#15 | Posted by Effeteposer at 2022-06-27 07:04 PM | Reply

"#13 The Ukrainian military mined their own waters."

Well, it's their waters.

#16 | Posted by snoofy at 2022-06-27 07:27 PM | Reply

The sanctions show how weak NATO really is.

#10 | Posted by Effeteposer

The sanctions aren't from NATO. They're from most the entire civilized world.

If russia's corrupt rusted out military touched a nato country, you'd see how weak NATO isn't.

#17 | Posted by SpeakSoftly at 2022-06-27 07:31 PM | Reply

#13 The Ukrainian military mined their own waters. It's the mines preventing grain shipments,not a "blockade". The Ukrainian ultranationalist obsession with "territorial integrity" is the problem. Why do they want regions that don't want to be part of the Ukraine? They want the land and infrastructure.

The people will be slaughtered if they win.

They DON'T want them.

But that's all good, right?

#15 | Posted by Effeteposer

The mines are there because a fascist tyrant is trying to seize their country. Their defense measures are his fault not theirs.

#18 | Posted by SpeakSoftly at 2022-06-27 07:32 PM | Reply

@#15 ... The Ukrainian military mined their own waters. It's the mines preventing grain shipments,not a "blockade"...

Russia's Blockade of Ukraine's Ports Is Causing a Humanitarian Disaster
www.thebulwark.com

...The greatest obstacle to Ukrainian victory might be not Russia's ground forces but its navy. Russia's blockade of Ukraine's Black Sea ports is putting enormous economic pressure on Ukraine -- a major supplier of global agricultural products such as wheat, sunflower oil, and barley seeds -- and the defenders don't have a navy to break it. But for Vladimir Putin, the blockade's effect on the Ukrainian economy is likely a secondary consideration. His primary objective is instead to inflict pain on the rest of the world and extract concessions from Western Europe. The strategy appears to be working....

#19 | Posted by LampLighter at 2022-06-27 07:40 PM | Reply

Ukrainian grain: How to Lift Russia's Black Sea Blockade?
www.navalnews.com

...The Ukrainian grain crisis continues as a result of Russia's blockade of Black Sea ports, which prevents Ukrainian wheat shipments. As the war continues, the stocks of countries that rely on Ukraine for wheat are diminishing. A possible famine is looming. Everyone agrees on the necessity to solve this problem to avoid a major humanitarian crisis. ...

#20 | Posted by LampLighter at 2022-06-27 08:09 PM | Reply

#13 The Ukrainian military mined their own waters. It's the mines preventing grain shipments,not a "blockade". The Ukrainian ultranationalist obsession with "territorial integrity" is the problem.

#18 | Posted by SpeakSoftly

"Their problem is their strange obsession with not being invaded. The most peaceful solution is to just roll over and give other people your country."

Does that apply to russia too? Can finland start biting off chunks of russia and would you say "russia should just let them do it to avoid war?"

#21 | Posted by SpeakSoftly at 2022-06-27 09:09 PM | Reply

Do mine sweepers no longer work?

#22 | Posted by Tor at 2022-06-27 09:18 PM | Reply

" The sanctions aren't "necessary". They are a stupid ineffective means of coercion. "

All whining about facts to the contrary.

#23 | Posted by Danforth at 2022-06-27 09:28 PM | Reply

"Do mine sweepers no longer work?"

It's not on Windows anymore.

#24 | Posted by sentinel at 2022-06-27 11:20 PM | Reply

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