Despite the insurance contract plunge, investors remain largely convinced that Russia will eventually default on its debts for the first time since 1917.
FILE - Cars are parked in front of Russia's Central Bank building in Moscow, Russia, Jan. 30, 2015. Prices for Russian credit default swaps — insurance contracts that protect an investor against a default — plunged sharply overnight after Moscow used its precious foreign currency reserves to make a last minute debt payment on Friday April 29, 2022.
Russia used its foreign currency reserves sitting outside of the country to make the payment, backing down from the Kremlin's earlier threats that it would use rubles to pay these obligations. In a statement, the Russia Finance Ministry did not say whether future payments would be made in rubles. Russia has been hit with extensive sanctions by the United States, the European Union and others in response to its Feb. 24 invasion of Ukraine and its continuing militaryThe Credit Default Determination Committee — an industry group of 14 banks and investors that determines whether or not to pay on these swaps — said Friday that they “continue to monitor the situation” after Russia's payment. Their next meeting is on May 3.
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