Russia has defaulted on its foreign debt for the first time in more than a century, reports say
This marks Russia's first default on its foreign debt since 1918, when, during the Bolshevik Revolution, communist leader Vladimir Lenin repudiated the debt of the Tsarist era.
. Instead, the default comes as sweeping US and European Union sanctions are blocking its bond interest payments from moving through the international payments system.on its bond payments even amid sweeping sanctions. But markets have been expecting the country to eventually default on its foreign bonds as international trade restrictions intensify.
Formal default declarations are typically issued by credit rating agencies, but the big three agencies — S&P, Moody's and Fitch — have all withdrawn ratings on Russian entities due to sanctions.
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