Monday August 15, 2022
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Vladimir Putin was mocked by leaders at the start of the G7 summit on Sunday (PA)

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Vladimir Putin was mocked by leaders at the start of the G7 summit on Sunday (PA)

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Vladimir Putin was mocked by leaders at the start of the G7 summit on Sunday (PA)

(PA Archive)

Russia has reportedly defaulted on its foreign debt for the first time in a century, further alienating the country from the global financial system.

The country was due to make a $100 million payment to international creditors on Sunday, but was not able to due to wide-ranging sanctions imposed on it due to the war in Ukraine.

The situation is likely to upset Russian president Vladimir Putin who was mocked by leaders at the start of the G7 summit on Sunday.

Meanwhile Ukraine’s president Volodymyr Zelensky has urged leaders of some of the world’s richest countries to do more to support his nation’s fight against Russia.

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Addressing the G7 summit in the Bavarian Alps via video link, Mr Zelensky called for anti-aircraft defence systems, more sanctions on Russia and security guarantees.

The three-day summit will have the US, the UK, Canada, France, Germany, Italy and Japan in attendance in Berlin with a focus on pledging more support to Ukraine.

It comes just a day after Russia struck Kyiv and Moscow’s troops turned their focus on capturing Lysychansk as they entered the last major city in Ukraine’ Luhansk province.

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Russia defaults on overseas debt for first time in years

Russia has defaulted on its foreign debts payment for the first time in years as its economy bleeds from the sanctions imposed by western nations in response to the invasion of Ukraine.

Moscow faced a Sunday deadline to pay off the interest worth about $100 million, originally due on 27 May, and meet a 30-day grace period. However the term expired without payment.

It is Russia’s latest economic collapse on the debt-front following a default on its domestic debts in 1998 and and after the 1917 Bolshevik Revolution where Moscow failed to pay off its international debts.

Arpan Rai reports.

Joe Middleton27 June 2022 11:22

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Zelensky tells G7 he wants the war in Ukraine finished by the end of the year

Ukrainian President Volodymyr Zelensky told leaders of the G7 that he wanted Russia’s war in Ukraine ended by the end of the year before the winter sets in, two European Union diplomats said.

Zelensky addressed the leaders of Britain, Canada, France, Germany, Italy, Japan and the United States by video link on Monday, the second day of the three-day G7 summit in southern Germany.

Joe Middleton27 June 2022 10:52

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Zelensky calls on G7 for more sanctions on Russia and anti-aircraft defence systems

Ukrainian President Volodymyr Zelensky on Monday asked for anti-aircraft defence systems, more sanctions on Russia and security guarantees as he addressed leaders of the G7, a European official said.

Addressing the summit in the Bavarian Alps via video link, Zelensky also asked for help to export grain from Ukraine and for reconstruction aid, the European official said, speaking on condition of anonymity.

Joe Middleton27 June 2022 10:16

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G7 leaders mock Putin’s bare-chested horse-riding pictures

G7 leaders mock Putin’s bare-chested horse-riding pictures

Joe Middleton27 June 2022 10:00

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Boris Johnson and Joe Biden clash over plan to cut green fuels for food production

Boris Johnson and US president Joe Biden are at odds over a plane to cut the production of green fuels in a bid to free up land for food production.

The prime minister wants G7 leaders to temporarily cut the amount of grain produced for biofuels, claiming the process is pushing up the cost of food.

Britain is backed by Germany – also pushing for a temporary waiver on their biofuel commitments – but the US and Canada are against the move.

Adam Forrest reports.

Joe Middleton27 June 2022 09:30

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US set to pledge advanced missile system to Ukraine

The US preparing to announce the purchase of an advanced surface-to-air missile system for Kyiv at the G7.

The pledge comes as the G7 leaders meet with talks by video link also scheduled with president Volodymyr Zelensky.

Biden is set to announce that the US is providing an advanced surface-to-air missile system to Ukraine, as well as additional artillery support, AP has reported, citing US official sources.

The US is understood to be purchasing Nasams, a Norwegian-developed anti-aircraft system, to provide medium- to long-range defence.

Nasams is the same system used by the US to protect the sensitive airspace around the White House and US Capitol in Washington.

Joe Middleton27 June 2022 08:58

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Zelensky to ask G7 leaders for more weapons

Ukraine’s president Volodymyr Zelensky will urge leaders of some of the world’s richest countries to do more to support his nation’s fight against Russia.

Mr Zelensky will address Boris Johnson, Joe Biden and other G7 leaders by video link from Kyiv as his country continues to come under attack from Vladimir Putin’’ missiles.

In his nightly address on Sunday, he urged the allies to be “partners, not observers” and give his country the ability to defend itself – warning that any delay would be an invitation to Russia to strike again.Mr Zelensky said he would demand extra defence systems.

“We need a powerful air defence – modern, fully effective – which can ensure complete protection against these missiles,” he said.

He added: “Delays in the transfer of weapons to our state, any restrictions are actually an invitation for Russia to strike again and again.

“The occupiers – these terrorists – must be beaten with all our might so that they do not think they can put pressure and outplay someone.”

Joe Middleton27 June 2022 08:39

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UK will give £10m to rebuild Ukrainian railways to help export trapped grain out by train

Boris Johnson’s government will pledge £10million to help rebuild Ukraine’s railways in a bid to use trains to export grain trapped by Vladimir Putin’s blockade in the Black Sea.

The prime minister is set to call on fellow leaders to take urgent action to get essential food supplies out of Ukraine at the G7 Summit in Germany on Monday.

Mr Johnson said the United Nations’ plan to get the grain out of Ukraine is a “non-starter” because Russia will continue to use food supply as a bargaining chip to ease sanctions.

Joe Middleton27 June 2022 08:17

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Russia ‘defaults on foreign debt’ for the first time in a century

Russia has reportedly defaulted on its foreign debt for the first time in more than a century, further alienating the country from the global financial system following sanctions imposed over its war in Ukraine.

The country has the money to make the $100 million payment but is unable to do so because the sanctions imposed by Western countries mean it cannot get the cash to creditors.

The US Treasury Department ended Russia’s ability to pay its billions in debt back to international investors through American banks. In response, the Russian Finance Ministry said it would pay dollar-denominated debts in rubles and offer “the opportunity for subsequent conversion into the original currency.”

Russia calls any default artificial because it has the money to pay its debts but sanctions have frozen its foreign currency reserves held abroad.

“There is money and there is also the readiness to pay,” Russian Finance Minister Anton Siluanov said last month. “This situation, artificially created by an unfriendly country, will not have any effect on Russians’ quality of life.”

Joe Middleton27 June 2022 07:55

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Ukraine: Zelensky calls for more help from G7 during ‘difficult stage of war’

Ukraine: Zelensky calls for more help from G7 during ‘difficult stage of war’

Joe Middleton27 June 2022 07:44

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