INSUBCONTINENT EXCLUSIVE:
Russia has defaulted on its foreign debt for the first time since 1918 after months of finding ways around Western sanctions that blocked
defaulted on its foreign-currency sovereign debt after the grace period on around $100 million due May 27 expired at the end of the day
Sunday.Russia calls any default a farce, saying it has the funds and the will to pay its debts.Russia has been alienated from the global
could be formally declared in default if 25% of creditors say they did not get their money
court.Last week, Russian Finance Minister Anton Siluanov warned that a declaration of default through courts would be "tantamount to
default since the years following the 1917 Bolshevik revolution
The country last defaulted on its foreign currency debt in 1918, when Bolshevik leader Vladimir Lenin refused to recognize the obligations
value to the Moscow-based National Settlement Depository that reimburses creditors in rubles at the rate of the Central Bank "to ensure the
maximum equivalence of payments."AFP contributed reporting.
