Historic default on $117m coupons would add to intense economic pressure on Moscow
Russia faced a crucial bond payment on Wednesday that could lead to the sanctions-racked country defaulting for the first time since 1998, and its first major international debt default since the Bolshevik revolution a century ago.
Moscow was due to make $117m (£89.4m) interest payments, or coupons, to investors holding $2-denominated bonds. But with much of its foreign exchange reserves frozen by international sanctions, it may be unable to pay.
