Russia Moves Closer to Default

The US Treasury said it would halt Russia’s ability to make debt payments in dollars through American banks, bringing Moscow a step closer to a possible default on its obligations to international investors, the Financial Times reports.

CNN: “The move was meant to force Moscow to make the difficult decision of whether it would use dollars that it has access to for payments on its debt or for other purposes, including supporting its war effort… Russia faces a historic default if it chooses to not do so.”