Russia has fallen into a ‘default’ in more than 100 years as it has failed to pay interest on its government bonds due to Western sanctions, Bloomberg News reported.
Russia was supposed to pay interest on foreign currency denominated government bonds of about $100 million to investors by the 26th, the agreed date, but did not do so.
The original payment date of the interest was the 27th of last month, but the 30-day grace period was applied, and the deadline came yesterday and the 26th.
According to Bloomberg News, Russia’s default is the first in 104 years since 1918, and in 1998 it declared a moratorium on financial payments.
YTN Junki Kwon (jkwon@ytn.co.kr)
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