The financial ratings agency S&P Global has deemed Russia to be in 'selective default' on some of its foreign debt after it tried to pay its latest obligations in rubles.
The financial ratings agency S&P Global has deemed Russia to be in "selective default" on some of its foreign debt after it tried to pay its latest obligations in rubles.
. A Treasury Department spokesperson told Reuters that the action was aimed at forcing Russia to draw down its domestic dollar reserves to further curtail its spending on its war against Ukraine. Russia hasn’t defaulted on its foreign debt since 1918, during the Bolshevik Revolution. In general terms, when a state misses debt-payment obligations, its borrowing power can be negatively affected.
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