Russia sanctions: Can China & India make up for losses in EU? | DW News

Credit ratings agency Moody's says Russia may been in default on its sovereign debt if it doesn't correct course and make two recent payments in dollars instead of rubles.
Russia made the payments in question earlier this month – both were on dollar-denominated bonds. Moody's said that settlement with rubles breaches the terms of the contracts, and would put Russia in default if the same payments aren't made in dollars by May 4.
Currency is also at the heart of a dispute between Russia and the EU over payments for Russian energy. On Thursday, President Vladimir Putin threatened again to turn off energy flows to the EU if member states don't pay in rubles, which they've so far refused to do.
Speaking at a televised government meeting on Thursday, Putin said that European firms could be considered in 'default' on their payments. The EU has emphasized that delivery contracts call for dollar or euro payments. Putin also said Moscow was seeking new markets for its energy, as Europe tries to end Russian imports.
Recent purchases of Russian gas by India have caused friction with Western and G7 nations leading the sanctions against Moscow. Delhi has thus far struck a defiant tone against warnings from the US, for example. But how sustainable is its position?
With the EU discussing possible oil sanctions against Russia, the search for replacement sources is leading member states like Germany to reconsider once taboo alternatives, such as drilling in the North Sea. So could Iran be an eventual partner for new imports? That might be easier said than done.


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