Kremlin owes about $40bn but has been shut out of international financial system since invasion of Ukraine
Russia is poised to default on its debt for the first time since 1998, further alienating the country from the global financial system after sanctions imposed over its war inThe country missed a deadline of Sunday night to meet a 30-day grace period on interest payments of $100m on two eurobonds due originally on 27 May, Bloomberg reported on Monday morning.
While a formal default would be largely symbolic given Russia cannot borrow internationally at the moment and does not need to thanks to plentiful oil and gas export revenues, the stigma would probably raise its borrowing costs in future. “It’s a very, very rare thing, where a government that otherwise has the means is forced by an external government into default,” said Hassan Malik, senior sovereign analyst at Loomis Sayles, told Bloomberg. “It’s going to be one of the big watershed defaults in history.”
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