Russia could default on its foreign debt for the first time this century as the clock ticks down on a pair of overdue interest payments blocked by western sanctions.
About $100mn worth of interest on Russian government debt is due to bondholders by Sunday night, the end of a 30-day grace period during which the country must make the payments to avoid defaulting.
Russia said it had sent the funds to investors, but financial sanctions imposed on the country following its invasion of Ukraine have hampered Moscow’s ability to access crucial market infrastructure and pay foreign debt holders.
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