Russia has reportedly defaulted on its sovereign debt for the first time in a century, missing an interest payment due on Sunday.
Bloomberg reports that the payment of 100 million U.S. dollars was initially due on May 27th but was delayed with a grace period of 30 days.
Russia says, however, according to Bloomberg, that this does not constitute a default and that it can cover the debt, but Western sanctions are blocking the payments.
In response to Russia's invasion of Ukraine, Western countries have frozen Russian assets and removed Russian banks from the SWIFT international payment system.
02:17
Heavy rain moves to southern parts of S. Korea while recovery work continues nationwide
02:16
00:38
02:33
01:56
03:13
02:17
