Russia Defaults on Its Foreign Debt

Another step on the road to economic collapse

Photo by Vardan Papikyan on Unsplash

Russia has suffered the first major default on foreign debt since 1918, soon after the Bolshevik Revolution. Moody’s credit agency reports that sweeping sanctions have cut the country off from the global financial system. The default is primarily because of economic sanctions blocking financial transactions, not because the…

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Daniel McIntosh

Daniel McIntosh

A Ph.D. in international studies tired of living in the Dark Ages. Working for something better. A top writer in economics.