Moody’s said Russia may be in default because it tried to service its dollar bonds in roubles, which would be one of the starkest consequences to date of Moscow’s exclusion from the Western financial system since President Vladimir Putin’s invasion of Ukraine. If Moscow is declared in default, it would mark Russia’s first major default on foreign bonds since the years following the 1917 Bolshevik revolution, though the Kremlin says the West is forcing a default by imposing crippling sanctions. Russia made a payment due on April 4 on two sovereign bonds – maturing in 2022 and 2042 – in roubles rather than the dollars, it was mandated to pay under the terms of the securities. Russia “therefore […]