Russia Is Very Close To Defaulting On Debt For First Time In Decades.

Russia Is Very Close To Defaulting On Debt For First Time In Decades.

Russia is reportedly very close to defaulting on its national debt for the first time in decades.

As the war goes on, the implementation of tough Western sanctions has proved costly to Russia's economy.

The country has found it difficult to keep up with its payments of $40 billion on outstanding bonds and has pretty much been cut off from the global finance system.

The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) effectively blocked Moscow from making payments in late May, reports Reuters.

Dennis Hranitzky, head of sovereign litigation at law firm Quinn Emanuel, said: "Since March we thought that a Russian default is probably inevitable, and the question was just when.

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