Sanctions imposed on Russia due to its invasion of Ukraine have significantly increased the chance of the country defaulting on its dollar- and other international market government debt, analysts at JPMorgan and elsewhere warned on Wednesday.
Russia has over $700 million worth of government bond payments due this month. While in theory it has ample reserves to cover debt, in practice a freeze on some assets and other measures could affect its ability to make payments.
The central bank and the finance ministry did not reply to a Reuters request for comment on the possibility of defaults. Major credit rating agencies like S&P Global, Moody's and Fitch, which all had investment grade scores for Russia until last week, would downgrade it en masse.
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