Russia is believed to have defaulted on its debt for the first time since 1998 after missing a key deadline. Russia has the money to make a $100m payment, which was due on Sunday, but sanctions made it impossible to get the sum to international creditors. The Kremlin had been determined to avoid the default, which is a major blow to the nation's prestige. Russia says the money was sent to Euroclear, a bank which would then distribute the payment to investors. Repayment triggerThe default will trigger repayments on a large chunk of Russia's debt, according to Mr Weafer.

Source: Daily Nation June 27, 2022 12:26 UTC