Russia has defaulted on its foreign currency debt for the first time in more than a century, as tough Western sanctions designed to punish Moscow for invading Ukraine restrict its ability to pay overseas creditors.
Russian senator Vladimir Dzhabarov rejected reports of the default on Telegram, calling the West hypocritical and accusing Western banks of stealing huge amounts of Russian money.
The debt default adds to Moscow’s growing isolation from the global economy and could tarnish its reputation among financial investors in a way that potentially takes years to repair, political experts say, as investors worry Russia will continue to put its foreign policy interests ahead of its creditors.