in a move that could push the country closer to default. the treasury department said it would end a waiver that had allowed us bondholders to accept payments. russia has almost $2 billion worth of payments on its international bonds that will be due up to the end of the year. joining me now is patrick reid, co founder of the adamis principle. i guess the place to start with this is how close it will bring russia to default in common what would happen if it does? thank you for having me on. it isjust another nail thank you for having me on. it is just another nail in the russian economy, and we cannot underestimate the consequences and dangers of a default. it is not quite like 1998, but it is not quite like 1998, but it is not very good for russia long term. now, a ten year yield on a russian bond will get you about 10% right now. that is not enough. russia s central bank raised interest rates to 20%. they are now currently 1a. that is not going to be enough either. essentia
davosis will say is george soros in davos is basically saying it is the end of civilisation stop i wouldn t really go that far, but one thing i would say is blackrock of this world who had invested before, they may be big, but they are not stupid. we hope not, patrick. thank you very much, the co founder of the adams principle. adamis principle. the global energy sector has been shaken to its core by russia s invasion of ukraine. with an expected eu ban on russian oil to be announced imminently, experts say countries are turning back to fossil fuels to make up for the shortfall. g7 climate and energy ministers are meeting in germany today in a bid to marry up the idea of a sustainable planet with the impact the war in ukraine is having on oil and gas. joining me now is dr charles donovan, the visiting professor of sustainable finance, at the university of washington. thank you so much forjoining us. are we witnessing a blip or long term setback