Russia defaults on debt for first time since 1998 – reports

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 in Ukraine.

The country missed a deadline of Sunday night to meet a 30-day grace period on interest payments of $100m (81.2m) on two eurobonds originally due on 27 May, Bloomberg reported on Monday morning.