A leading credit agency warned Friday that Russia is on the verge of defaulting on its debt obligations – the latest sign that escalating Western …
A leading credit agency warned Friday that Russia is on the verge of defaulting on its debt obligations – the latest sign that escalating Western sanctions over the Ukraine war could do lasting damage to the Russian economy. Russia violated the terms of two bond contracts with installments due on April 4 by paying in rubles rather than dollars, according to Moody’s. The dollar-denominated bonds are respectively set to mature in 2022 and 2042. Moody’s noted the use of rubles “represents a change in payment terms relative to the original bond contracts and therefore may be considered a default under Moody’s definition if not cured by 4 May, which is the end of the grace period.
