Investors believe this would be the first time that a major emerging market country is forced into a bond default through geopolitics rather than empty coffers.
Russia close to default on its debt – Bondholders paid in roubles
Russia moved closer to defaulting on its international debts on Wednesday when it paid dollar bondholders with roubles. It also stated that it will continue to do this as long
Russia to “Default” if Dollar Coupons are Paid in Rubles
According to Fitch Ratings, Russia could default if it fails to pay the U.S. dollar coupon payments due Wednesday on its dollar debt. This grace period is a 30-day one.