For the first time in a hundred years, Russia defaulted
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For the first time since 1918, Russia defaulted on sovereign debt. It is reported by Bloomberg.
According to this information, the default was caused by sanctions imposed by the West against Russia. They blocked Western creditors from financing the Russian economy.
The interest payment period expired on May 27, and the grace period lasts for another month. The official default was announced after Russia failed to pay $100 million by June 27.
Trading in the country's Eurobonds has been very difficult since March as the Russian central bank's foreign exchange reserves were confiscated and the country's largest banks cut off from the global financial system.
Russia last defaulted on foreign creditors in 1918, when, after the Bolshevik Revolution, the new government refused to pay the debt of Tsarist Russia.
