Wall Street

Explainer-Russia walks the plank to a foreign bond default

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Reuters UK

By John O’Donnell and Sujata Rao FRANKFURT (Reuters) -Russia’s failure to send an interest payment to creditors is triggering a payout on debt insurance, taking the country another step closer to its first default on international bonds since the Bolshevik revolution more than a century ago. On Friday, the European Union expanded sanctions on Russia, including on a domestic payments processing firm Moscow hoped to use for servicing its Eurobonds. Nudging Russia towards a debt crisis through the mechanism of financial sanctions is part of a wider stand-off that has built up between the Kremlin …

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