3 things to know as Russia heads to a historic debt default

https://www.npr.org/2022/04/12/ [login to see] /russia-historic-debt-default-sanctions-invasion-ukraine
Russia is on the verge of defaulting on its foreign debt for the first time since the Bolshevik Revolution more than a century ago.

Over the past week, the country faced two payment deadlines on bonds it previously sold to foreign investors. The combined interest was worth nearly $650 million, and Russia was supposed to have made the payments in dollars, according to the terms of the bond contracts.

But citing severe sanctions imposed by the U.S. and its allies, Russia made the payments in rubles.