Fitch Ratings has warned of the threat of default by Russia.
If Russia covers the coupon debt on two issues of bonds in rubles, the Fitch agency will declare a sovereign default on Russia’s obligations after 30 days. Russia is due to pay $117 million (€106 million) on Wednesday, March 16, on two issues of dollar-denominated bonds maturing in 2023 and 2043. Against this backdrop, Fitch Ratings warned that if a significant portion of Russian foreign currency reserves is frozen due to Western sanctions over the war in Ukraine, it will