Free Republic

Russia has defaulted on its foreign debt obligations for the first time since the Bolshevik revolution in 1918. Sanctions launched by an alliance of western nations in response to president Vladimir Putin’s invasion of Ukraine have hobbled the Kremlin’s access to its assets, meaning it has been unable to pay foreign investors. Moscow missed a grace period deadline today on a $100m interest payment that was originally due on 27 May, tipping the country into default for the first time in over a century... America’s Treasury department blocked Russia from making payments last May (out of sanctions frozen funds), effectively...