Historic Russian, Debt Default Likely , Amid Intense International Sanctions.<br />On March 16, Russia faces a crucial bond payment that could lead to Moscow's first default since 1998. .<br />'The Guardian' reports that it would also <br />be Russia's first major international debt <br />default since the Bolshevik revolution. .<br />'The Guardian' reports that it would also <br />be Russia's first major international debt <br />default since the Bolshevik revolution. .<br />With many of Russia's foreign exchange <br />reserves frozen by sanctions, Moscow may be <br />unable to pay $117 million in interest payments. .<br />According to 'The Guardian,' this historic default <br />would add significantly to the pressure <br />being applied to Russia's economy. .<br />The onset of war, western sanctions, <br />the exodus of international conglomerates <br />and freefalling investor confidence <br />have led to Russia’s downfall with <br />its currency, financial system, <br />and the wider economy in a state of ruin, Victoria Scholar, head of investment at Interactive Investor, via 'The Guardian'.<br />The onset of war, western sanctions, <br />the exodus of international conglomerates <br />and freefalling investor confidence <br />have led to Russia’s downfall with <br />its currency, financial system, <br />and the wider economy in a state of ruin, Victoria Scholar, head of investment at Interactive Investor, via 'The Guardian'.<br />Although Russia technically has a 30-day <br />grace period before an official default, <br />a full-blown collapse is almost inevitable, Victoria Scholar, head of investment at Interactive Investor, via 'The Guardian'.<br />Although Russia technically has a 30-day <br />grace period before an official default, <br />a full-blown collapse is almost inevitable, Victoria Scholar, head of investment at Interactive Investor, via 'The Guardian'.<br />Russia's finance minister has accused the West of engineering an "artificial default" by freezing Russia's foreign exchange reserves. .<br />Russia's finance minister has accused the West of engineering an "artificial default" by freezing Russia's foreign exchange reserves. .<br />Earlier this week, Russia's finance ministry <br />announced that if Western sanctions proved to be <br />a complication, Moscow could pay the debt in rubles. .<br />However, rating agency Fitch <br />said that the interest payments <br />must be paid in dollars and would, "constitute a sovereign default <br />on expiry of the 30-day grace period.".<br />According to the 'The Guardian,' the IMF <br />and other experts predict that a Russian <br />default would not trigger a global financial crisis. .<br />According to the 'The Guardian,' the IMF <br />and other experts predict that a Russian <br />default would not trigger a global financial crisis. .<br />While a default would be symbolic, <br />it seems unlikely that it will have <br />significant ramifications, <br />both in Russia and elsewhere, William Jackson, Chief emerging markets economist at Capital Economics, via 'The Guardian'
