CNBC: Russia claims to have ordered crucial bond payment as it seeks to avoid historic debt default

CNBC: Russia claims to have ordered crucial bond payment as it seeks to avoid historic debt default https://www.cnbc.com/2022/03/17/russia-claims-to-have-ordered-payment-as-it-seeks-to-avoid-historic-debt-default.html

‘Russia blinked’

“Russia blinked,” Timothy Ash, senior emerging markets sovereign strategist at BlueBay Asset Management, said via email.

“It used resources in its limited war chest, beyond the reach of Western sanctions to make the payment. Let’s see if it ends up with bondholders.”

Ash suggested Russia had realized “the price of default was much larger.”