S&P has lowered its outlook of Russia’s ability to pay foreign debt, citing increased sanctions imposed over alleged war crimes during the country's invasion of Ukraine.
S&P on Friday lowered its gauge of the Russian government's ability to pay foreign debt, citing increased sanctions imposed over alleged war crimes during the country's invasion of Ukraine.The downgrade is another sign that the country could soon default on its foreign debt for the first time since the Bolshevik Revolution.
Russian President Vladimir Putin signed a decree in March saying that the country can only pay foreign creditors with rubles, which depreciated significantly when the invasion began but have since somewhat recovered.The credit ratings agency said that sanctions "are likely to be further increased in the coming weeks, hampering Russia's willingness and technical abilities to honor the terms and conditions of its obligations to foreign debtholders," per AP.
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