Putin’s attempt to take over industry brings the country back to its Soviet-era command economy.
Kremlin slashes spending by £24bn
As sanctions against Russia by the West bite, the Kremlin is set to reduce future spending plans by £24bn
Russia Defaults on Foreign Debt for First Time in 100 years
Russia defaulted on its foreign currency sovereign debt for the first time in 100 years, the culmination of ever-tougher Western sanctions which shut down payment channels to overseas creditors.
S&P reduces Russia’s foreign currency rating to selective default.
S&P reduced Russia’s foreign currency rating to “selective default” Saturday due to the increased risk that Moscow may not be able or willing to honor its obligations to foreign debtholders.