The Western economic penalties have largely severed the country from the international financial system, making it difficult for Moscow to service its debt, and Russian authorities insist they have the funds to honour the country's debt
A woman pictured by a U.S. dollar sign at the entrance to the exchange office on June 27, 2022, in Moscow, Russia. Russia has defaulted on its foreign debt for the first time in over a century, after a grace period on missed interest payments expired on Sunday. Image: Contributor/Getty Images
Moscow, Russia: Russia said Monday that two of its debt payments were blocked from reaching creditors, pushing the country closer to its first foreign default in a century due to sanctions over the Ukraine offensive.
The announcement came on the 124th day of Russia's military intervention in Ukraine, with Western sanctions so far failing to force the Kremlin to change its course.
The Western economic penalties have largely severed the country from the international financial system, making it difficult for Moscow to service its debt.