Good morning. Russia moves closer to default, but also profits from a global food crisis it helped create. George Soros’s dire warning, and a Burry tweet raises eyebrows. Here’s what markets are talking about.
Russia will get pushed closer to a potential default after the US Treasury Department said it’s letting a key sanctions waiver benefitting American investors expire. US banks and individuals are barred from accepting bond payments from Russia’s government as of 12:01 a.m. New York time on Wednesday, when a license that has so-far allowed the cash to flow ends, Treasury said in a statement on Tuesday.