Belarus was angry because Moody's announced that it had defaulted on its debt

Belarus was angry because Moody’s announced that it had defaulted on its debt

Moody’s announced that the country had defaulted on its debt due to its failure to pay dollar bonds on time. (Photo: 123RF)

This text collects all the recent reactions at the international level about Russia’s invasion of Ukraine that day July 15. To find all of our coverage of the dispute, you’ll find it here. so. Some content is self-explanatory and may be difficult to read.

12:40 | Moscou — Le Bélarus, ciblé par des sanctions internationales en tant qu’allié de la Russie, a vertement critiqué vendredi le fait que l’agence de notation Moody’s ait déclaré le pays en défaut de paiement pour avoir échoué effect unaire at avoir échoué dollars in time.

“Moody’s actions are provocative and are aimed at creating artificial shocks and disturbances around Eurobonds in the Republic of Belarus,” the Belarusian Ministry of Finance said in a statement.

Moody’s said Thursday that Belarus failed to repay a $22.9 million ($1 million) tranche of a $600 million 2027 bond before the end of the grace period that ran through July 13.

Belarus had confirmed that it would repay in its national currency, the Belarusian ruble, which Moody’s considers as a default.

“Moody’s decision was made without asking the Ministry of Finance a single clarifying question. In our opinion, there is bias in the assessments,” the ministry added.

Belarus claims that it transferred the amount in Belarusian rubles to a special account and accused Citigroup and Citibank of refusing to transfer these funds to creditors.

The Belarusian ministry added that “the Belarusian side is doing and will make every effort and will take all measures” to repay its creditors “through an alternative means.”

Russia launched a military attack on Ukraine on February 24 with political and logistical support from Belarus. As such, the two countries have been targeted by a barrage of Western sanctions, de facto isolating them from international financial markets.

As a result, these two countries were declared default due to falling behind their dollar payment deadlines. Russia also defended the payment of its debt in rubles, accusing the West of wanting to orchestrate an artificial default.

9:15 am | Prague – European Commissioner Maros Sefcovic told AFP on Friday during a meeting of European affairs ministers in Prague that the European Union will target Russian gold exports in its next set of sanctions, as decided by the G7 countries at the end of June.

The commissioner said she would also seek to “close the loopholes” for those circumventing Europeans’ previous rounds of sanctions against Russia.

“As soon as we reach an agreement at the level of member states, we will publish” these sanctions that will allow them to be implemented, he said.

A senior EU official confirmed that halting gold purchases from Russia was among the measures that the commission would present to member states on Friday.

It is not a symbolic measure, because Russia is a large exporter of gold. This will cut another click of funding for Putin’s war in Ukraine.

The largest buyer of Russian gold is the United Kingdom, which amounted to 290 tons in 2020 worth $16.9 billion, according to Russian Customs. The United Kingdom has left the European Union, but is a member of the Group of Seven.

“These new measures are not the seventh set of sanctions, but are complementary” from the six previous sets adopted by the European Union, the senior official outlined. “It’s about closing the gaps,” said a European diplomat.

He said EU foreign ministers would discuss it on Monday, but no decision was expected at that meeting because the proposal still needed to be studied by member states.

On the other hand, he announced that ministers should grant a “political agreement” to release the fifth tranche of 500 million euros from the European Peace Facility to finance the purchase of arms supplied to Ukraine. He explained that consensus is required to disburse the funds and several national parliaments have not yet approved it. Thus, the European Union has released, since the conflict began, 2.5 billion euros out of the 5.7 billion dollars allocated to this facility.

The United States actually implemented the ban on freshly mined gold in Russia at the end of June, shortly after the G7 summit in Germany agreed to this new measure, in order to dry up funding for the Russian war effort.

US President Joe Biden said at the summit that gold “is a major export source that will deprive Russia of billions of dollars”.

The six packages of sanctions that Europeans have already adopted since the start of the Russian offensive at the end of February have targeted the economic sectors, in particular with the embargo on coal and most oil, as well as hitting more than a thousand officials and oligarchs. Freezing of assets in the European Union.

Ukraine: a ready operator to accelerate the export of grain

8:33 am | BERLIN – German railway company Deutsche Bahn said Friday it is ready to “significantly” speed up Ukraine’s grain exports through the rail network, as millions of tons of wheat remain stuck in Ukrainian ports due to the war.

«Nous pouvons augmenter considérablement la capacité du système dans les semaines à venir, afin de parvenir à extraire le maximum (de céréales) d’Ukraine», a déclaré vendredi à la télévision ZDF, direct larice laricet Nikut company.

About 20 million tons of grain were locked up in Ukrainian silos, mainly in Odessa (south), which could not be exported by sea due to the war.

The rail alternative currently only allows the transportation of limited quantities: “We are now succeeding in getting 1 to 2 million tons of Ukraine out by road every month,” according to Ms. Nikota, citing Ukrainian government figures.

Deutsche Bahn, in cooperation with its European counterparts, organized a railway bridge for transporting grain.

The goods are then sent to ports in northern Europe, in “Poland, Holland and Germany,” to be exported by sea, according to Ms. Nicota.

Since March, Deutsche Bahn has also been transporting basic necessities and medicines, mainly to Ukraine.

However, the company still faced some difficulties, such as a “lack of wagons” and “recharging possibilities” at the border, Ms. Nicota said.

The group also has to deal with a “different railway system”, particularly in terms of railway width between Ukraine and other countries.

Grain exports, of which Ukraine is one of the world’s major producers, were at the center of discussions this week in Istanbul between the Russian, Ukrainian and Turkish governments.

UN Secretary-General Antonio Guterres said on Thursday that “really substantive progress” had been made, expressing hope that a “formal agreement” would be concluded soon.

The Russian government confirmed on Friday that the “final document” should be ready soon to regulate the resumption of sea transport.

Turbine separation: committee meeting on the Ottawa decision

6:30 am | OTTAWA – The House of Commons’ Standing Committee on Foreign Affairs and International Development will hold a special meeting on Friday to discuss the Canadian government’s controversial decision to ship repaired parts of a Russian gas pipeline to Germany.

The Liberal government has decided to exempt six turbines from Siemens Energy, which were repaired in Montreal, from the economic sanctions it imposed on Russia following its invasion of Ukraine.

Russia’s state energy company Gazprom cut gas deliveries by 60% last month from the Nord Stream 1 gas pipeline, which connects northeastern Germany, citing technical problems with the turbines.

Prime Minister Justin Trudeau said the decision to deliver the turbines was made so that Canada could support its European allies facing energy crises as Russia restricts access to its oil and gas supplies.

Russian gas recently made up about 35% of the total supply in Germany.

Then, on Friday, Conservative Party and New Democratic lawmakers began meeting the Standing Committee on Foreign Affairs and International Development to discuss the issue.

For its part, the Ukrainian government says Canada’s decision sets a dangerous precedent at a time when the international community must show determination and firmness in the face of Russian threats and its invasion of Ukraine. Moreover, Ukraine’s World Congress filed a Notice of Application in Federal Court on Tuesday to review Ottawa’s decision, arguing that Gazprom’s order for its turbines constituted a dishonest scheme.

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