Russia ‘Defaults on Foreign Debt’ for First Time Since 1918 Amid Western Sanctions

Russia ‘Defaults on Foreign Debt’ for First Time Since 1918 Amid Western Sanctions
A vendor counts Russian ruble banknotes at a market in Omsk, Russia, on Feb. 18, 2022. Alexey Malgavko/Reuters
Katabella Roberts
Updated:

Russia on June 27 defaulted on its foreign debt for the first time since 1918 after the grace period on its $100 million payment expired, according to reports.

The $100 million interest payment deadline due to be met by the Kremlin had initially been set for May 27, but a 30-day grace period was triggered after investors failed to receive coupon payments due on both dollar- and euro-denominated bonds.

Katabella Roberts
Katabella Roberts
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Katabella Roberts is a news writer for The Epoch Times, focusing primarily on the United States, world, and business news.
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