Not only is the Russian sovereign under significant economic pressure, so are over 100 Russian municipal, government related, corporate, and financial institution issuers. They are rated CC or C, barely above default status. Read more here. … [Read more...] about After A Russian Sovereign Default, Over 100 Issuers Are Likely To Follow
Here we are in 2022, and sadly, we are still in a situation where there is tremendous opacity in the global financial system. If it were just rich investors losing money, the vast amount of the global population would hardly lose sleep. However, when financial institutions lose money, they invariably impact unsuspecting citizens. Read more here. … [Read more...] about Banks’ Exposures To Russia Are Much More Transparent Than Those Of Non-Banks
Bank executives should not have it both ways. Either they are compliant with Environmental, Social and Governance (ESG) standards or they are not. Numerous internationally active banks with credit and market exposures to Russia have not announced yet if they are closing their offices. And banking personnel continue to invest in Russian stocks, bonds, and other financial assets. Read more here. … [Read more...] about Banks Investing in Russia Cannot Cloak Themselves in the ESG Mantle
In just one week, Russian President Vladimir Putin has caused hundreds of deaths and wreaked havoc in the lives of millions. He has also begun the destruction of the Ukrainian and Russian economies. Making Russia a global economic pariah is a dubious achievement, and it will take years for the citizens of both countries to recover. Read more here. … [Read more...] about Imminent Russian Defaults will Lead to an Economic Crisis Worse than in 1998.
The Bank of Russia is desperately trying to prevent a run on Russian banks. Today, the Russian central bank announced that it would lower reserve requirements for banks. Central banks around the world require banks to have reserves at their central bank in order to protect them and their depositors from a bank run. Lowering reserves for Russian banks is a clear sign that Russian banks’ liquidity is decreasing. The central bank announced that the liquidity gap in the Russian banking system is … [Read more...] about The Bank of Russia is Desperately Tying to Stop a Run on the Banks