Prices for Russian credit default swaps -- insurance contracts that protect an investor against a default -- plunged sharply overnight after Moscow used its precious foreign currency reserves to make a last minute debt payment on Friday.
The cost for a five-year credit default swap on Russian debt was $5.84 million to protect $10 million in debt. That price was nearly half the one on Thursday, which at roughly $11 million for $10 million in debt protection was a signal that investors were certain of a eventual Russian default.
Russia used its foreign currency reserves sitting outside of the country to make the payment, backing down from the Kremlin's earlier threats that it would use rubles to pay these obligations. In a statement, the Russia Finance Ministry did not say whether future payments would be made in rubles.
Despite the insurance contract plunge, investors remain largely convinced that Russia will eventually default on its debts for the first time since 1917. The major ratings agencies Standard & Poor's and Moody's have declared Russia is in "selective default" on its obligations.
Russia has been hit with extensive sanctions by the United States, the European Union and others in response to its Feb. 24 invasion of Ukraine and its continuing military operation to take over Ukrainian territory.
The Credit Default Determination Committee -- an industry group of 14 banks and investors that determines whether or not to pay on these swaps -- said Friday that they "continue to monitor the situation" after Russia's payment. Their next meeting is on May 3.
At the beginning of April, Russia's finance ministry said it tried to make a $649 million payment due April 6 toward two bonds to an unnamed U.S. bank -- previously reported as JPMorgan Chase.
At that time, tightened sanctions imposed for Russia's invasion of Ukraine prevented the payment from being accepted, so Moscow attempted to make the debt payment in rubles. The Kremlin, which repeatedly said it was financially able and willing to continue to pay on its debts, had argued that extraordinary events gave them the legal footing to pay in rubles, instead of dollars or euros.
Investors and rating agencies, however, disagreed and did not expect Russia to be able to convert the rubles into dollars before a 30-day grace period expired next week.
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In part three of a four-part investigation into the seedy underbelly of the lucrative clothing donation bin industry, CTV W5's Jon Woodward and Joseph Loiero look into allegations that the industry is rife with organized crime activity.
Canada will lower the number of permanent immigrants it allows into the country by at least 20 per cent from its previous target of 500,000, ۴ý confirmed Wednesday.
Montreal Mayor Valerie Plante announced Wednesday she would not seek a third mandate. Her decision has many talking about the demands of municipal leadership, particularly for women.
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Prime Minister Justin Trudeau says the Liberal party is 'strong and united,' despite efforts from within his caucus to oust him as leader.
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Turkiye’s air force struck Kurdish militant targets in Iraq and Syria on Wednesday in apparent retaliation for an attack at a key state-run defence company that killed five people and wounded more than a dozen others.
The Justice Department warned Elon Musk’s America PAC in recent days that his US$1 million sweepstakes to registered voters in swing states may violate federal law, people briefed on the matter told CNN.
If you’re a regular visitor to Walt Disney World, your annual passes are going to cost you more. The resort in Orlando, Fla., hiked prices on all four levels of its passes on Wednesday.
Three people were found dead Wednesday and four others were hospitalized after an 'unexplained' incident at a care home in southern England, police said.
The U.S. said Wednesday that 3,000 North Korean troops have deployed to Russia and are training at several locations, calling the move very serious and warning that those forces will be 'fair game' if they go into combat in Ukraine.
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Prime Minister Justin Trudeau says the Liberal party is 'strong and united,' despite efforts from within his caucus to oust him as leader.
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McDonald’s worked Wednesday to reassure customers that its U.S. restaurants are safe as federal investigators tried to pinpoint the cause of a deadly E. coli outbreak linked to the fast-food giant's Quarter Pounder hamburgers.
A quick shake of the head after a hard hit could signal that a person has a concussion, a new study suggests, based on the experiences of young athletes.
A recall has been issued for certain clothing items sold at Giant Tiger stores over high levels of lead, according to a notice published by Health Canada Tuesday.
Vancouver Fire Rescue Services received its first shipment of new firefighting gear on Wednesday, advancing the department's plans to reduce cancer risk for its members.
Officials in Hong Kong said Wednesday they have discovered dinosaur fossils in the city for the first time on a remote, uninhabited island that's part of a geopark.
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Ron Ely, who played the title character 'Tarzan' in the 1960s NBC series, has died at the age of 86.
Cardi B says she has been hospitalized with a medical emergency and will have to miss a Saturday night headlining performance at an Atlanta music festival.
Almost three years after the deadly Astroworld Festival tragedy, Houston rapper and concert headliner Travis Scott just settled hundreds of lawsuits related to the case.
Canada's discount airline is suspending operations to and from Saskatoon.
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Starbucks Corp suspended its forecast through the next fiscal year as new CEO Brian Niccol looks to turn around the coffee giant struggling with falling demand for its pricey drinks.
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Evan Mobley had 25 points and eight rebounds to lead the Cleveland Cavaliers to a 136-106 rout in Toronto's home opener on Wednesday as the Raptors also lost starting point guard Immanuel Quickley.
Former 'Malcolm in the Middle' star Frankie Muniz is set to continue his NASCAR career with a full-time ride in the Truck Series for 2025.
An increased risk of fire has prompted the recall of thousands of Honda hybrid vehicles in Canada.
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Hortense Anglin was the oldest graduate to make her way across the platform at York University's Fall Convocation ceremony this week. At the age of 87, she graduated with an Honours degree in Religious Studies.
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Barrie police conducted a search on Wednesday of the last place Autumn Shaganash was seen in hopes of giving her family some answers to her mysterious disappearance.
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The Windsor Jewish Federation responded on Wednesday evening to a decision by the board of governors for the University of Windsor concerning its agreements with pro-Palestinian protesters.
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Dave Lindsey began growing giant pumpkins to bring a bit of magic to his grandkids' Halloween.
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Graduate students looking to become mental-health professionals will have more opportunities to study in the University of Lethbridge’s Master of Education Counselling Psychology program.
A dazzling light display is making its return to Lethbridge this holiday season.
As part of anniversary celebrations, the City of Lethbridge is inviting the community to see VisitLethbridge.com Arena like they never have before.
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The union representing the fire rangers with the Ministry of Natural Resources says money won’t fix the systemic problems in the workplace.
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At 2 p.m. on Thursday, the scene at the Lions Club in Clarenville, N.L., rivalled any rowdy St. John's bar that thumps with music late on a weekend night.
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