West pushes Russia into its first international debt default since 1918

New York/London
CNN Business
 — 

Russia has defaulted on its foreign debt for the first time since the Bolshevik revolution more than a century ago.

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.

“This morning’s news around the finding of Russia’s default, for the first time in more than a century, situates just how strong the reactions are that the US, along with allies and partners, have taken, as well as how dramatic the impact has been on Russia’s economy,” a senior administration official said on the sidelines of a G7 summit in Germany.

Russia denied it was in default, saying the payments had been made, in dollars and euros, on May 27 and…

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