Russia’s bond default isn’t going to follow the playbook. For one thing, there’s little precedent of a debtor even one at war that says it has the money and wants to pay bondholders, but has been blocked by a web of sanctions and frozen assets.
Russia has defaulted on its external sovereign bonds for the first time in a century, the culmination of ever-tougher Western sanctions that shut down payment routes to overseas creditors.
Russia defaulted on its external sovereign bonds for the first time in a century, the culmination of ever-tougher Western sanctions that shut down payment routes to overseas creditors.