Russia will default on its debt for the first time since 1998 if it tries to make interest payments on its dollar bonds in roubles on Wednesday, rating agency Fitch has said.
Investors are awaiting $117mn in coupon payments on two Russian bonds, the first such payments since western countries responded to President Vladimir Putin’s invasion of Ukraine with unprecedented financial sanctions. The deadline marks a crucial test of Moscow’s willingness and ability to continue servicing its external debt.
On March 5, Putin said creditors in “unfriendly” countries that have imposed sanctions should be paid in roubles rather than foreign currency.
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