Russia pushed into historic debt default by sanctions

The Kremlin has insisted there are no grounds to say that Russia had defaulted on its foreign-currency sovereign debt. The 30-day grace period on $100 million worth of bonds expired yesterday (June 26). As of late last night, bondholders said they have not received payments — technically putting Moscow in the default zone. Russia has accused the West of seeking to drive it into an artificial default. Western sanctions on Russia have severed the country from the international financial system, making it difficult for it to service its debt.

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