Different scenarios: why, unlike in Russia, the reputation of Ukraine will not be affected by the default

At the same time, if the default was declared a shock for Russia, then for Ukraine this event was predictable and quite controlled. Focus writes about it in the new article "Ukraine - not Russia. How the default of Ukraine is different from the default of the Russian Federation".

It is noted that at the end of June, in his article on the default of the Russian Federation, the Bloomberg Agency calls Russia "economic and political ragies" "given the losses already caused by economics and markets, default in Russia is still largely symbolic and little means for Russians who are experiencing two -digit inflation and the worst economic decline in recent years.

But, with all those, it is a gloomy marker of rapid transformation of the country into economic, financial and political outcast Ukraine has not been injured from a default ratings to a default level. Therefore, there are no losses here for us. What is happening now with external debts is just a legal recognition of reality for half a year. Moreover, we won the reputation when in the first months of the war continued to pay interest on Eurobonds. Plus, we return the interest on the IMF loans.

For Russia, on the contrary, the default became a shock. Unexpected event - they did not expect that sanctions due to aggression will be so rigid that they would not be allowed to pay for debts, " - said CASE Ukraine associated expert Eugene Dubogriz. suffering from aggression. And the default of the country under sanctions, "says Dubogriz.

Financial markets analyst Ivan Uglynitsa also believes that it is impossible to compare the defaults of countries (Ukraine and Russia), so many differences in them. Compare, and should it be done? Moreover, against the backdrop of defaults of other countries where there is no war, and new defaults - for example, Pakistan or Egypt, or other countries, " - notes the NBU Council.

In the amounts that it was until February 2022, and in the case of Ukraine it is simply a small pause before the markets are available again for Ukraine. He also believes that after the transfer of payments under the Ukrainian State Defense Ukraine ratings can be increased.

Recall that the Ministry of Finance of the Russian Federation has stated that it has fully fulfilled the obligation to pay coupon income for Eurobonds with maturity in 2026 and 2036, so the default from the external state debt of Russia cannot be held. , the technical default of the Russian Federation occurred at the end of the day on June 26, when the grace period has passed from the payment of interest in the amount of almost $ 100 million.

As reported, on July 20, a group of creditors of Ukraine from countries from countries The G7 and members of the Paris Club of Creditors have announced their willingness to meet the Ministry of Finance of Ukraine, which offered investors to Ukrainian state Eurobonds and state derivatives (GDP-guns) to approve changes in terms $ 5 billion formed as a result of war.