Russia defaults on foreign debt for first time since 1918 following sanctions

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(Worthy News) – Russia defaulted on its foreign-currency sovereign debt for the first time in more than a century after failing to make two payments by the Sunday night deadline.

Moscow missed the deadline to meet a 30-day grace period on interest payments that were originally due May 27, but it could be a while before the default is confirmed.

The debt default stems from the sanctions imposed over Russia’s invasion of Ukraine, which was launched in late February. The default signals the first of its kind since 1918, although Russia has called it artificial because it can afford to pay its debts, but sanctions have frozen its foreign currency reserves held abroad. [ Source: Fox Business (Read More…) ]

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