Due to international sanctions against the country, Russia's central bank can't access its foreign reserves of 640 Billion dollars. Ratings agency Fitch says it's at risk of default as a series of debt payments comes due. The Russian government has announced to make payment in rubles, but that would not be accepted on a dollar-denominated bond. If Russia can't make the full and correct payment within thirty days, the country would be considered in default.

Meanwhile, China says the impact of sanctions on Russia will have a limited effect on its own economy. With regards to facilitating trade with Russia after the country's exit from the Swift global payment system. Beijing is offering a workaround using the Chinese CIPS system although it can only process payments in Yuan. The Chinese government also promises support for financial markets to keep them stable amidst ongoing crises.
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00:00 Could Russia soon be in default?
00:29 Russian banks’ access to credit blocked
05:27 China promises to stabilize its financial markets
06:30 What side is China on?
10:44 Nickel price has skyrocketed
13:22 Can Russia evade Western sanctions?
17:02 Where are Ukrainian refugees fleeing to?

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