Russia just defaulted on its foreign debt. It took much longer than expected
Following reports that Moscow had failed to pay about $100 million in interest on two bonds during a 30-day grace period that expired Sunday, the White House said the default showed the power of Western sanctions imposed on Russia since it invaded Ukraine.
The country's finance ministry said in April that it made a $565 million eurobond that was due this year, as well as an $84 million eurobond that was set to mature in 2024. Both payments were made in US dollars, the finance ministry claimed, as required by the bond's contract stipulations.But that wasn't possible this time around, given the recent moves by US and EU authorities.
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