Russia on Sunday defaulted on its foreign debt for the first time since 1918 after the grace period on its $100 million payment expired, according to reports.

The $100 million interest payment deadline due to be met by the Kremlin had initially been set to May 27 but a 30-day grace period was triggered after investors failed to receive coupon payments due on both dollar and euro-denominated bonds.

Federal Reserve Chair Jerome Powell admitted in a speech that the American dollar is at risk of losing its standing as the world’s preeminent currency. He made this admission as he pushed for the United States to create a digital currency that he said would preserve the dollar’s status.

Tags

In an attempt to encourage African nations to stop buying Russian fertilizer, the European Union developed a working plan that would help then develop their own fertilizer plants.

The draft, dated June 15 and prepared by aides of European Council President Charles Michel, was to be presented at a summit of EU leaders last week, however the EU Commission then "explicitly opposed the text," warning that supporting fertilizer production in developing nations was incompatible with their 'green' initiatives.

Earlier, Bloomberg reported that Russia had technically defaulted on its foreign currency obligations for the first time since 1918, when the fledgling Bolshevik government repudiated all the sovereign debt and other financial obligations accrued by its predecessors.

Russia's Finance Ministry has dismissed Bloomberg's reporting on the country's "defaulting" on its foreign obligations, assuring that payments have been made in full and in accordance with the terms under which the eurobonds were issued.

As talks on a return to the Iran Nuclear Deal are set to resume in Vienna, several Israeli senior defense officials were reported by Ynet to be breaking from the stated position of the Israeli government and now supported reviving the Joint Comprehensive Plan of Action (JCPOA).

Israel may approve a reportedly US-negotiated deal to transfer Iranian oil to Syria, according to Channel 12 news.

US President Joe Biden will announce an increase in tariffs on 570 groups of Russian goods worth $2.3 billion, the White House said on Monday.

According to Washington, over a few months, US exports to Russia have decreased approximately by 97%, while Russia’s imports of goods from across the world could fall by 40%.

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

Industrial metals are on track for the worst quarter since the 2008 financial crisis as prices are pummeled by recession worries. Copper, the great economic bellwether, has ricocheted into a bear market from a record four months ago, while tin just tumbled 21% in its worst week since a 1980s crisis froze London trading for four years.

Tags