Deadline passed: Is Russia in default?

Russia is apparently facing its first default on foreign debt in more than 100 years. On Monday night, a 30-day deadline expired for paying interest due on two government bonds denominated in foreign currency. At stake is a total of about $100 million (€94.7 million). If the investors did not receive the money, which can be assumed in view of tough financial sanctions imposed by the West, it would be the first default on foreign debt since 1918.

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