Russia may only have 3 months

Russia’s Reserves

Back of the envelope but the numbers are shocking. BBG reported that Gold and CCY reserves tanked $38 bio in March making total reserves at $604 bio. Two thirds are rendered useless because of sanctions (EUR and USD) which leaves around 200 bio net. If the same amount decreases each month (around 40 yards) that leaves 5 months. The next print will be in 3 months and I suspect the monthly amounts will be much higher.

Bonds

A 30 day grace period for non USD payments will mean exclusion on capital markets whilst the negotiations ensue. If Corp bonds go and follow Sovvies it will be very nasty for EU and US investors. Don't expect much love with a haircut.