Russia likely to default on sovereign debt

Central Bank of Russia
Central Bank of Russia
Photo: Ludvig14/Wikimedia Commons

Russia appears likely to default on paying its sovereign debt due to the impact of international sanctions imposed after its invasion of Ukraine.

The country is due to make coupon payments in US dollars on $117 million worth of sovereign debt today (March 16). The country will be in default if it fails to make the payment within the next 30 days.

Russian president Vladimir Putin said the country should only pay out in rubles rather than dollars to investors in countries that had imposed

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