Russia defaults on foreign debt as Western sanctions intensify

Politics Economy

Russia has defaulted on its foreign debt, Moody's Investors Service Inc. said Monday, as international sanctions have shut the country out of global financial transactions over its invasion of Ukraine. While Russia has denied having defaulted, the determination by the major U.S. credit rating agency that the country had missed coupon payment to holders of its bonds worth $100 million during a grace period is expected to have a long-term impact on its ability to raise funds in foreign currencies. According to the White House, Russia has defaulted on its debt for the first time in more than a ce...

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