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Lynz Piper-Loomis | Congress

Russia on verge of $150B debt default as sanctions cripple economy

South Carolina

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From March 16, 2022 post.

Russia is spiraling closer to a historic debt default that could ripple throughout the global economy after the U.S. and its European allies hit the Kremlin with a slew of crippling financial sanctions. 

Moscow's invasion of Ukraine nearly one month ago – the biggest attack on a European state in decades – elicited a raft of economic penalties from Western nations, including cutting off a key part of the Central Bank of Russia by preventing it from selling dollars, euros and other foreign currencies in its roughly $630 billion reserve stockpile.

The financial fallout has prompted credit rating agencies to downgrade their long-term debt rating for the Russian government to "junk" status, with Fitch warning that international sanctions have brought a "huge shock to Russia's credit fundamentals." It noted additional sanctions remain a distinct possibility. 

Original source can be found here.

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National Spotlight

New Mexico reports strong economic growth across multiple counties

by Campaigns Daily
The New Mexico Economic Development Department (EDD) has released its quarterly statewide and county economic summaries, indicating significant growth in several key industry sectors.
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