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
oil. the eu are discussing that at the moment. there is a stalemate at the moment. if you read one story in one newspaper and they are days or hours away from ideal if you read another. what your take on that? that is the political what your take on that? that is the political choice what your take on that? that is the political choice and - what your take on that? that is the political choice and then - the political choice and then there are certainly good arguments for it. but over the long term, it is notjust about russian oil. it is about dependency on a certain type of your that has been part and parcel of the growth in the global economy since the second world war. it is what is going to change and that is what is changing. it is really about the pace that we do that, about how much money we want to put to invest in an economy that is going to be more resilient to these shocks. at the moment we are an economic yo yo that is literally killing us. we see the way out and it is
out ukraine, finding a way for putin, and they may say you should try this bit of territory in ukraine? should try this bit of territo in ukraine? . territory in ukraine? there are some, territory in ukraine? there are some. and territory in ukraine? there are some. and we territory in ukraine? there are some, and we hear territory in ukraine? there are some, and we hear that, - territory in ukraine? there are some, and we hear that, and l some, and we hear that, and there is always going to be like that. i there is always going to be like that- like that. i see that tend tell every politician like that. i see that tend tell every politician right - like that. i see that tend tell every politician right now - like that. i see that tend tell every politician right now it i every politician right now it is black every politician right now it is black and white and you have to decide is black and white and you have to decide. you other side of democracy, peace in ukraine, or th
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.
people watching this but also a big impact on the movement of goods, fuel, food. how damaging is going to be to the economy? it is certainly not going to have a good impact and i think the knock on effects could be quite profound. there were already problems with supply chains not only in the uk but across the world because of the war in ukraine and because of the lasting effects of the pandemic, and this reallyjust couldn t come at a worse time and i would guess also it s probably not going to have a lot of sympathy either from businesses or from the general public simply because everyone is pretty much in the same boat at the moment. but is pretty much in the same boat at the moment. at the moment. but the businesses at the moment. but the businesses at at the moment. but the businesses at the - at the moment. but the businesses at the heart | at the moment. but the l businesses at the heart of at the moment. but the - businesses at the heart of this have their own problems, don