For the first time since 1918, when Vladimir Lenin repudiated the debts of the former Russian Empire, Russia has defaulted on its sovereign debt. It did so by failing to make a payment of approximately $100 million in dollars and euros to bondholders.
The default came about not because Russia is short of cash — Vladimir Putin’s government is profiting handsomely from the recent surge in energy prices — but because Western sanctions over the war in Ukraine have made it virtually impossible for Russia to access foreign currencies in the volume required to service its debts.

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Edited by Jesus Chan

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