two experts explain what it means for Russia and for global financial markets
- Written by Nasir Aminu, Senior Lecturer in Economics and Finance, Cardiff Metropolitan University
Russia’s recent default on its foreign debt – it’s first since 1918 – has been hailed as proof that the sanctions imposed by western governments since the invasion of Ukraine in February are working.
A 30-day grace period on US$100 million (£82 million) in interest on two bonds ended on June 27 2022, with...