The Biden-led sanctions have caused the Russian economy to collapse and soon default on its debt.
Russia has sent the clearest signal yet that it will soon default – the first time it will have failed to meet its foreign debt obligations since the Bolshevik revolution more than a century ago.
The default could come as early as Wednesday, when Moscow needs to hand over $ 117 million in interest payments on dollar-denominated government bonds, according to JPMorgan Chase. Although Russia has issued bonds that can be repaid in multiple currencies since 2018, these payments must be made in US dollars.
Putin can’t pay Russia’s debts because most of the country’s dollars are frozen due to Biden’s sanctions.
Russia is brutalizing Ukraine with its military, but the Russian economy is living on borrowed time. President Biden’s sanctions are working. The Russian economy has reached its worst point in the last one hundred years because of Biden’s leadership.
Putin could end the invasion today, but the economic damage will linger on in Russia for years. Putin had one card to play, and that is his military. A crippled Russian economy will not be able to keep its war machine funded.
The Russian dictator may think he is winning the battle, but the world will win the war.
Mr. Easley is the managing editor. He is also a White House Press Pool and a Congressional correspondent for PoliticusUSA. Jason has a Bachelor’s Degree in Political Science. His graduate work focused on public policy, with a specialization in social reform movements.
Awards and Professional Memberships
Member of the Society of Professional Journalists and The American Political Science Association