The decision to stop bond payments will further deplete the resources Putin is using to continue his war against Ukraine, a Treasury official said.
The debt is owed to foreign investors, among others, and comes from government investments to presumably spur economic growth in Russia.
While the ruble has bounced back from the fall it took after the U.S. and European allies moved to bury the Russian economy, Putin has resorted to extreme financial measures to blunt the West’s penalties and inflate his currency. The decision to limit bond payments will further deplete the resources Putin is using to continue his war against Ukraine and will cause more uncertainty and challenges for Russia’s financial system, the Treasury official said.
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