Just to follow up, our sanctions have destroyed about $20B in western held assets with these bond sanctions. You were getting paid in full before, now you’re lucky to get $0.10 on your dollar, and maybe nothing in a default depending on how the war goes.
Russia had approximately $39 billion in outstanding foreign currency bonds at the end of 2021, of which approximately half were in the hands of foreigners, according to JPMorgan research. Those bonds currently trade around 10 to 20 cents on the dollar, a level they have traded at since around the end of February.