Russia Could Default on its Debt Within Days
This hasn't happened since the Bolshevik revolution
Russia has sent the clearest signal yet that it will soon default— the first time it will have failed to meet its foreign debt obligations since the Bolshevik revolution more than a century ago.
Half of the country's foreign reserves — roughly $315 billion — have been frozen by Western sanctions imposed after the invasion of Ukraine, Russian finance minister Anton Siluanov said on Sunday. As a result, Moscow will repay creditors from "countries that are unfriendly" in rubles until the sanctions are lifted, he said.
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