Russia is believed to have failed to repay its foreign debt for the first time since 1917, after being frozen by the international financial system for invading Ukraine.
Bondholders did not receive payments after Russia missed its deadline on Sunday to meet a 30-day grace period for $ 100 million in interest payments on two Eurobonds, which were originally scheduled to fall on May 27.
Russia owes a total of about $ 40 billion, but is unable to pay interest or pay off its debts after being excluded from the international financial system for invading Ukraine in February. The severity of its foreign debt is relatively low as a result of the Kremlin’s policy of partially protecting the economy from international sanctions following the 2014 invasion of Crimea.
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