Russian default looms as deadline for dollar bond payments arrives
by Graeme Wearden from on (#5X5RZ)
Historic default on $117m coupons would add to intense economic pressure on Moscow
Russia faced a crucial bond payment on Wednesday that could lead to the sanctions-racked country defaulting for the first time since 1998, and its first major international debt default since the Bolshevik revolution a century ago.
Moscow was due to make $117m (89.4m) interest payments, or coupons, to investors holding two bonds denominated in dollars. But with much of its foreign exchange reserves frozen by international sanctions, it may be unable to pay.
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