Kremlin vows to service its debt in roubles – an option that’s already been rejected
It is “a matter of time” until Russia defaults on its foreign debts after Joe Biden cut the Kremlin off from paying its bondholders.
Moscow is on the cusp of its first foreign debt default in a century after the US allowed an exemption permitting Russia to meet its obligations to international creditors to lapse.
The cut-off, which means US banks and individuals are banned from receiving bond payments from Russia, comes before Moscow is due to make a tranche of payments worth around $100m this Friday.
