Russia's first default in a century looks all but inevitable now

With Vladimir Putin's govt hampered by asset blocks and branded a pariah by Western countries, speculation has mounted that Russia would only be able to avoid a default for so long

Russia’s first external default in a century now looks all but inevitable after another brutal week for the country’s finances.

First, the Treasury halted dollar debt payments from Russia’s accounts in U.S. banks, ramping up its restrictions on the country. Then, when an attempted hard-currency payment was blocked, Russia breached the terms on two bonds by paying investors rubles instead of dollars.

That pushed the countdown clock a step closer to default. It’s been ticking since Russia invaded Ukraine in February, and the U.S. and others swiped back with a clampdown on banks, companies and oligarchs. A freeze on the central bank’s