Wall Street

Russia slides towards default as payment deadline expires

Published by
Reuters

By Karin Strohecker LONDON (Reuters) – Russia edged closer to default on Sunday amid little sign that investors holding its international bonds had received payment, heralding what would be the nation’s first default in decades. Russia has struggled to keep up payments on $40 billion of outstanding bonds since its invasion of Ukraine on Feb. 24, which provoked sweeping sanctions that have effectively cut the country out of the global financial system and rendered its assets untouchable to many investors. The Kremlin has repeatedly said there are no grounds for Russia to default but is unable t…

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