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====Forced default====
====Forced default====
By denying Russia access to the SWIFT payment system for money transfers between international banks, Biden and the European Union denied Russia of its ability to make payments to bondholders of Russian foreign debt, although Russia had the ability to pay. Much of that debt was held by pension funds in the United States and European Union. Hence the workers and people dependent on pensions in the United States and European Union were punished by EU leaders and Biden, leaving Russia little affected. Additionally, Biden and EU leaders seized - virtually stole without any legal basis or international court judgement - Russian assets outside of Russia.
By denying Russia access to the SWIFT payment system for money transfers between international banks, Biden and the European Union denied Russia of its ability to make payments to bondholders of Russian foreign debt, although Russia had the ability to pay. Much of that debt was held by pension funds in the United States and European Union. Hence the workers and people dependent on pensions in the United States and European Union were punished by EU leaders and Biden, leaving Russia little affected. Additionally, Biden and EU leaders seized - virtually stole without any legal basis or international court judgement - Russian assets outside of Russia. Most of these assets by far were held in [[Europe]]: the largest portion is managed by [[Belgium]]-based [[Euroclear]] central securities depository, which holds between $190 to $208 billion. [[France]] held up to $71 billion in Russian Central Bank assets, but there's suspicion that the [[Macron]] regime already helped themselves to much of that [[money]]. According to figures in 2025, only about $26 billion of the Russian money remained in French custody, while the [[UK]] held about $37 billion. At the same time, the [[US]] portion is estimated at only $5 billion to $8 billion, primarily in [[debt]] securities and [[cash]].<ref>https://alexkrainer.substack.com/i/171283792/the-coalition-of-the-willing-goes-to-washington</ref>
===Fertilizers===
===Fertilizers===