US pushes Russia to the brink of default
CNN
Russia is in imminent danger of default after the United States cut off the country's ability to pay its debt using frozen dollars sitting in American banks.
Western countries sanctioned about half of Russia's foreign reserves — roughly $315 billion — because of its invasion of Ukraine. Although the US Treasury had been allowing Russia to use some of its frozen assets to pay back certain investors in dollars, the Biden administration this week blocked the country from accessing its stockpiles.
That could force Russia to offer pay its debts in rubles — or not at all. Either action would constitute a default, Fitch Ratings said last month.
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