A default won’t trigger a long winter for Russia

Not repaying your debts can prevent you from getting a loan again. Unless you are a country, even Russia.

Russia defaulted on its foreign debt for the first time since the Bolshevik Revolution. Because this results from Western sanctions prohibiting banks, clearinghouses and bondholders from processing and receiving the money – despite Moscow’s willingness and ability to pay – it will trigger a multi-day legal battle. years with much more complexity than previous sovereign defaults.


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