Russia in historic foreign debt default, report says

Russia in historic foreign debt default, report says

Jun 27, 2022 by BBC News - World

Key Facts

  • By Ben King Business reporter, BBC News Image source, Getty Images Russia has defaulted on its overseas debt for the first time in more than a century after missing a Sunday deadline, according to Bloomberg.
  • Russia has the money to make a $100m payment and is willing to pay, but sanctions made it impossible to get the payments to international creditors.
  • The last time Russia defaulted on its foreign debt was in 1918, during the Bolshevik Revolution when the new communist leader Vladimir Lenin refused to pay the debts of the Russian Empire.
  • Because Russia wants to pay and has plenty of money to do it, he denied that this amounts to a genuine default, which usually occur when governments refuse to pay, or their economies are so weak that they cannot find the money.

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