Good morning. It's Tuesday, June 28, and we're covering an Amtrak crash, Russia's debt obligations, and much more. Have feedback? Let us know at hello@join1440.com. |
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Breaking news: Yesterday afternoon, an Amtrak train derailed in Missouri. As of this writing, at least 3 people were killed and more than 50 injured. See updates here. |
Russia has defaulted on its foreign debt for the first time in over a century, after it reportedly missed a deadline to pay about $100M toward two international bonds. Sources say the default was a result of ongoing sanctions from the country’s invasion of Ukraine—not due to lack of funds on Russia’s part. The Kremlin contends it made the payments, in dollars and euros, well before its 30-day grace period ended Sunday, but the money was stuck in a Brussels-based clearing house.
Russia has about $600B in foreign currency and gold, but half of it is frozen overseas due to sanctions (see breakdown). Meanwhile, the ruble has reached its strongest level since 2015, partly due to oil and gas exports amid rising energy prices. However, most of the bonds don't have terms allowing for payments in rubles.
Russia last defaulted on its international debt in 1918, following the Bolshevik Revolution, and on its sovereign debt in 1998 during a financial crisis and ruble devaluation (see history). |
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The Supreme Court ruled in favor yesterday of Joseph Kennedy, declaring the former Washington state high school football coach has a constitutional right under the First Amendment to pray on the field after games. The court voted 6-3, split along ideological lines, arguing that because he was praying after the game and his job as the coach was over, the prayers were considered protected speech.
Kennedy was put on administrative leave after defying directives to stop praying on the field after games, which the school said violated the separation of church and state. He sued the school district in 2016, arguing his dismissal violated his rights to freedom of religion and freedom of speech.
The decision is the latest from the court favoring religious liberty, including a ruling last week stating nonsecular schools cannot be excluded from a program that offers tuition grants. See a breakdown of the four cases that remain in the current Supreme Court term. |
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Detained WNBA star Brittney Griner briefly appeared in public yesterday, attending a legal proceeding in which a Russian judge ordered Griner to remain in custody throughout the length of her trial on drug charges. Griner was arrested at a Moscow-area airport Feb. 17 after security officials claimed to have found vape pens with cannabis oil in her luggage. The trial is scheduled to begin Friday.
The monthslong legal saga comes as tensions between the US and Russia have significantly increased amid the war in Ukraine. Some analysts say Griner is at risk of being used as political leverage by the Russian government seeking concessions—the charges carry a maximum sentence of 10 years in prison.
In recent years, a number of elite women's basketball players have spent the offseason playing for Russian clubs, where top salaries can reach $1.5M per season. Griner, a two-time gold medalist and seven-time All-Star, makes around $230K per year with the Phoenix Mercury. |
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