Default: For the First Time in a Century, Russia has Not Repaid its Government Debt in Foreign Currency

For the first time since 1918, Russia has failed to repay its government debt in foreign currency, according to Bloomberg.

For months, Russia has wavered on the brink of default, today is the culmination of the financial battle that the United States and other countries are waging against the Kremlin over the invasion of Ukraine.

The grace period for missed bond payments of about $100 million, blocked due to widespread sanctions, ended last night.

There will be no official declaration, and Russia is already challenging the determination, but if investors do not receive their money by the deadline, there will be a "default" on Monday morning, according to bond documents, Bloomberg said yesterday.

The country's Eurobonds have been trading at troubling levels since early March, the central bank's foreign exchange reserves have remained frozen, and the largest banks have been cut off from the global financial system.

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