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Russia’s Economy to Sink Into Collapse

1 min read

The FINANCIAL — Moody’s ratings agency has confirmed that Russia defaulted on foreign debt for the first time in a century after bond holders did not receive $100m in interest payments. The missed payments follow a series of unprecedented Western sanctions that have increasingly isolated Russia following its invasion of Ukraine. Russia lost the last avenue to service its foreign-currency loans after the US removed an exemption last month that allowed US investors to receive Moscow’s payments. “On 27 June, holders of Russia’s sovereign debt had not received coupon payments on two eurobonds worth $100m by the time the 30-calendar-day…

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Putin failed
Russian President Vladimir Putin attends a wreath laying ceremony to mark the Defender of the Fatherland Day at the Tomb of the Unknown Soldier by the Kremlin wall in central Moscow, Russia February 23, 2017. REUTERS/Sergei Karpukhin TPX IMAGES OF THE DAY - RTSZXR0

Russia’s Economy to Sink Into Collapse

1 min read

The FINANCIAL — Moody’s ratings agency has confirmed that Russia defaulted on foreign debt for the first time in a century after bond holders did not receive $100m in interest payments. The missed payments follow a series of unprecedented Western sanctions that have increasingly isolated Russia following its invasion of Ukraine. Russia lost the last…