Russia Debt Default Will Damage Country for Years to Come—Economist

Russia has defaulted on its foreign debt for the first time in over a century, a grim milestone as the country becomes increasingly outcast economically, financially, and politically, amid Vladimir Putin’s war against Ukraine.

The country failed to meet a Sunday night deadline for a 30-day grace period on interest payments of $100 million on two Eurobonds that were initially due on May 27, Bloomberg reported.

The Kremlin has repeatedly said it has the funds to make the $100 million payment, but harsh sanctions imposed by Western countries in response to Putin’s war, which began in February, have made it impossible to do so.

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