The Kremlin owes about $40bn but has been shut out of the international financial system since the invasion of Ukraine
Russia has defaulted on its foreign debt for the first time since the 1917 revolution, according to reports, further alienating the country from the global financial system after sanctions imposed over its war in Ukraine.
The country missed a deadline of Sunday night to meet a 30-day grace period on interest payments of $100m on two Eurobonds originally due on 27 May, Bloomberg reported on Monday morning.