Russia is poised to default on its foreign debt for the first time since the Bolshevik Revolution more than a century ago, further alienating the country from the global financial system amid its war in Ukraine. A 30-day grace period on interest payments originally due May 27 expired Sunday night. But it could take time to confirm a default. Veteran Russian economy analyst Chris Weafer said Monday that “it looks like the banks have complied with international sanctions and have withheld payment.” The U.S. ended Russia’s ability to pay international investors through American banks. Russia calls any default artificial because it has the money to pay but sanctions have frozen its foreign currency reserves abroad.
EXPLAINER: What’s the impact of a Russian debt default?
