Russia Slips into 'Selective Default,' Threatens Legal Action

Russia is in a state of 'selective default' on its foreign debt obligations after trying to make interest payments in rubles, according to credit rating agency S&P Global.
Current sanctions make it impossible for bondholders to convert rubles to dollars, meaning that Russia has effectively defaulted on its obligations.
The development comes as sanctions for the Russian invasion of Ukraine continue to mount; last week the US Treasury blocked Russia from using foreign currency reserves held in US banks to make debt payments.
Pro-establishment narrative
The increased pressure on Putin's regime will hopefully bring him to the negotiating table to end the crisis in Ukraine. Although Western sanctions on the Russian economy will produce ripple effects in global markets, the US can withstand this.
Establishment-critical narrative
The escalating Western sanctions against the Russian economy are in clear violation of constitutional property rights and they have the potential to escalate into a global economic conflict with dire consequences for human wellbeing. It's hypocritical to seize Russia's foreign reservers for invading Ukraine, but not those of the US for invading Iraq for equally unjustified reasons.
Narrative C
The Russian Central Bank had begun moving away from the US dollar as a store of its foreign reserves even before the invasion of Ukraine. Instead, it shifted its assets into Gold and the Chinese Yuan - moves that will allow it to continue to thwart the sanctions imposed by the West.
Narrative D
Russia is trying to prop up its currency in the face of disastrous Western sanctions by aligning itself with countries that are more loosely linked to the international order, like China and India, and by using its reserves to prop up the ruble. In the long run, this is all destined to fail and the ruble faces real risks of a further collapse.
US, India Leaders Discuss War in Ukraine

US Pres. Joe Biden and Indian PM Narendra Modi held a virtual meeting on Mon. to discuss global developments, including the Russia-Ukraine war.
The White House urged New Delhi to "do more" to support Ukraine and slow down the import of Russian energy, as India increased its Russian oil purchases to take advantage of cheap prices in March.
It wasn't disclosed whether India had made any commitments on energy imports, but the US has stated it stands ready to help the country diversify its sources of energy.
Establishment-critical narrative
Divergences between India and the US in relation to Ukraine are proving that their friendship isn't as steady as believed. New Delhi's strategic autonomy shows that US hegemony is crumbling and that the divisive rhetoric of "democracy" against "autocracy" is hypocritical.
Pro-establishment narrative
India and the US will continue to deepen security ties despite their differences. While Indian neutrality may frustrate Washington in the short-run, they're mutually dependent and alligned in their long-term goals.
WHO Investigating Two New Omicron Subvariants

On Mon., the WHO announced that it's investigating two new Omicron subvariants, BA.4 and BA.5, to assess whether they're more infectious than previous strains.
Only a few dozen cases of the new subvariants have been reported to GISAID, a global database that monitors the spread of COVID strains.
BA.4 has been identified in South Africa, Denmark, Botswana, England, and Scotland. The cases were reported between Jan. 10 to Mar. 30.
Left narrative
While new subvariants are to be expected, it would be foolish not to take this seriously. Omicron is evolving due to failures to implement proper measures. Socially-accepted terms like "endemic" and "new normal" are disingenuous as the pandemic rolls into another deadly surge.
Right narrative
It's time to accept that COVID is here to stay and learn to live with it. Goals to eradicate it are dangerous fantasies used to justify policies that impose real harm while doing little to actually stop the virus. While efforts should be made to protect the vulnerable, Omicron is milder than previous strains and not the disaster many portray it to be.
Israeli Forces Kill Palestinian Man After Alleged Stabbing Attempt

Israeli police said a Palestinian man was shot dead on Tues. in Ashkelon, in southern Israel, after attacking a police officer with a knife.
The incident occurred when the officer became suspicious of the man and approached him during a check for Palestinians illegally in Israel.
He was identified as Abdullah Srour, a 40-year-old man from Hebron in the West Bank, who was in Israel without a permit.
Pro-Israel narrative
This is but the latest instance of Arab violence in Israel. With Ramadan ongoing, Israeli security forces must be on the lookout for more heinous terrorist activity, where attackers may seek to damage the very fabric of Israeli life. The police have proven they can be trusted to protect Israelis.
Pro-Palestine narrative
While violence shouldn't be condoned, such incidents come as a reaction to Israeli acts of aggression against Palestinians. Israel has launched several military operations, and killed dozens of Palestinians in the West Bank this year alone, enflaming the security situation by radicalizing them to seek revenge.
Yelp Will Pay for Employees' Abortion Travel Expenses

On Tues., Yelp announced that they will offer financial assistance to employees and their spouses who need to travel out of state for abortion care.
Yelp joins companies including Bumble Inc., Match Group Inc., Apple and Levi Strauss & Co. in their expansion of reproductive healthcare provisions.
This follows the implementation of a Texas law banning abortions after about six weeks of pregnancy, and the recent passage of similar restrictions in states including Idaho, Florida and Oklahoma.
Left narrative
This marks Yelp as an advocator for female reproductive rights and gender equality. It's a positive step towards fighting back against draconian restrictions to healthcare access for women in the US.
Right narrative
States like Texas are moving to protect the unborn from current extreme pro-abortion laws. Yelp, along with other companies, shouldn't be undermining legislative progress in an attempt to push their pro-abortion agenda.
Progressive narrative
More needs to be done. While this is helpful to professional, white-collar women, those on low incomes, who often struggle to afford or access care, will be left behind.
Day 49 Roundup: US Promises $800M more in Aid, Russia Accused of Genocide and Terrorism
US Pres. Biden accused Putin of the internationally recognized crime of genocide on Tues., while speaking in Iowa. The legal process for determining whether genocide is occurring in Ukraine is still underway. Other leaders, like Polish Pres. Duda, followed suit Wed., and demanded international justice for Russian "terrorism."
The White House clarified on Wed. that Biden's comments don't reflect a change in US policy, although Biden promised an additional $800M in military assistance to Ukraine shortly afterwards.
This comes amid an unsubstantiated allegation originating from the Azov Battalion that an unspecified chemical weapon was used in the besieged southern port city of Mariupol. Some observers expressed skepticism that the available evidence points towards a chemical weapons attack.
Anti-Russia narrative
This invasion is an egregious violation of international law. Putin's ultimate aim is to restore the Soviet empire, even if it takes massive bloodshed and false pretexts such as calling the 2014 Ukrainian revolution after a fraudulent election a "coup". This unprovoked attack is the latest chapter in Putin's Orwellian attempt to rewrite history.
Pro-Russia narrative
NATO and the US have ignored Russia's security concerns by breaking its promise not to expand eastward in return for German reunification. These concerns are legitimate and taking them seriously would have avoided the Ukraine tragedy.
Nerd narrative
According to the Metaculus prediction community, if a bilateral cease-fire agreement is reached between Russia and Ukraine this year, it won't take effect until July.
Trump Announces "Anti-Endorsement" of GOP Candidate for PA Gov

Former President Trump took to social media on Tues. to announce that he wouldn't be supporting GOP candidate Bill McSwain in the race for Gov. of PA.
"Do not vote for Bill McSwain, a coward, who let our country down," read his statement about the man who he appointed as US attorney for PA, accusing him of doing "absolutely nothing on the massive election fraud that took place in Philadelphia and throughout the commonwealth."
McSwain is part of a crowded field aiming to replace PA Gov. Tom Wolfe (D).
Democratic narrative
"It was there for the taking." Once again the disgraced, twice-impeached former president has signed his own confession by arguing that McSwain should've helped him overturn the results of a free and fair election. In Trump's world, might makes right, and the only failure is the failure to use power to keep power.
Pro-Trump narrative
82% of Republicans maintain a "favorable" or "somewhat favorable" view of Trump. He remains the GOP kingmaker, and his endorsement is worth its weight in gold. It's his responsibility to choose candidates who align with his vision of America First, and that includes the critical issue of election security.
Cynical narrative
Trump's firm grip on the Republican party remains strong. But his idiosyncratic endorsements in local races across the country offer very little insight into this reality. The press should stop focusing on such messy data points and consider instead the bigger picture - the views of GOP candidates on what occurred in 2020 is a better litmus test.
NY Lt. Gov. Resigns Following Indictment

Brian A. Benjamin, Lt. Gov. to NY Gov. Kathy Hochul (D), has resigned after being indicted on campaign finance violations.
The five-count indictment stems from Benjamin's days as a NY State Sen., when he allegedly conspired to help direct state funds to a friendly real estate investor in exchange for illegal campaign contributions.
According to prosecutor Damian Williams, the US attorney for the Southern District of New York, "This is a simple story of corruption... Taxpayer money for campaign contributions. A quid pro quo... That's bribery, plain and simple."
Republican narrative
The corruption of the Democratic political machine runs deep in Albany, where lawmakers continue to serve as their own ethics police. No wonder that in this case, like in so many others before, it's federal prosecutors who have to bring these crooks to justice.
Democratic narrative
Conservative media outlets are gleefully reporting on this scandal, but it's worth asking would Benjamin have stepped down if he were a Republican? The GOP as an institution has become one big permission structure for ethical lapses and impunity - just look at the case of Texas AG Ken Paxton.
Cynical narrative
Sure, Benjamin resigned. But will he face any real consequences? Recent justice department losses at SCOTUS have allowed many people in power to avoid serious punishment, which encourages this type of behavior.
FL Legislature Passes DeSantis’ Congressional Map

Florida's GOP-led legislature has passed a controversial congressional map introduced by Gov. Ron DeSantis (R), who vetoed a map the legislature had previously considered. It will take effect after DeSantis' signature.
The map creates 20 GOP-leaning and 8 Democratic-leaning seats – compared to the 16 to 11 current configuration - while dismantling two predominantly Black districts around Jacksonville and Orlando.
Legislators had originally argued DeSantis' map violated state constitutional amendments related to redistricting because it could reduce minority voting power, but they ultimately relented after he called a special legislative session to consider his map.
Democratic narrative
Florida Republicans continue to wear their racism on their sleeves. This map strips Black citizens of their political autonomy, and limits opportunities for Black politicians.
Republican narrative
The vetoed maps were a ridiculous attempt at racial gerrymandering. Florida has done a great job to wipe out the Democrats' unfair advantage by eliminating constitutional infirmities.
Cynical narrative
Both Democrats and Republicans gerrymander massively, making American democracy far from fair. Election laws should change.
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