Western sanctions have hit Russia's economy in a big way, leading S&P and other agencies to downgrade its debt to "junk" status, meaning a default is highly likely.
* Russia is unable to make payments from US bank accounts after latest sanctions
* Instead this week it tried to make a foreign dollar bond payment in roubles
* Credit ratings agency S&P downgraded Moscow to 'selective default'
* Sanctions are likely to be further increased as new war crimes come to light
* Russia has a 30 day grace period to find the dollars or officialy be in default
Moscow is on the brink of defaulting on its debt for the first time since the Bolshevik coup more than a century ago as sanctions begin to take their toll on the Russian economy.
Credit ratings agency Standard & Poor downgraded Moscow from 'junk' to 'selective default' on Friday after Russia tried to make foreign bond payments in roubles on Monday when they were due in dollars.
Putin's government is unable to make dollar payments from accounts held at American banks after the US Treasury stepped in to halt them in the latest wave of sanctions imposed on Russia for invading Ukraine.
Read more ....
WNU Editor: The banks are still making money .... Banks are making big money off of Russian debt (CNN).
Credit Ratings Agency Standard & Poor Has Downgraded Russian Bonds From 'Junk' To 'Selective Default'
S&P downgrade indicates Russia headed for historic default -- AP
S&P Downgrades Russian Foreign Debt, Signaling Likely Historic Default -- RFE
S&P cuts Russia's foreign currency rating to 'selective default' -- Reuters
Russia urges BRICS nations to integrate payment systems and cards -- Al Jazeera
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