Russian debt default: What does it mean for Russia and global financial markets?

Jul 12, 2022

Russia's foreign debt default has been hailed as proof that sanctions imposed by western governments since the invasion of Ukraine in February are working. Image: Unsplash/Дмитрий Хрусталев-Григорьев

Nasir Aminu

School Ethics Coordinator, Cardiff University

Rodrigo Olivares-Caminal

Professor of Banking and Finance Law, Queen Mary University of London

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Due to this foreign debt default, Russia will have to pay a higher cost of borrowing to attract new investors and to keep those it already has. Image: Korobcorp/Shutterstock

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