Russia defaults on foreign debt for first time since 1918, White House says

Russia has defaulted on its foreign debt for the first time since the Bolshevik Revolution more than a century ago, according to media reports, further alienating the country from the global financial system following sanctions imposed over its war in Ukraine.

Bondholders claim they have not received overdue interest on Monday following the expiry of a key payment deadline on Sunday, Reuters and Bloomberg reported. The White House alluded to a Russian default, the first on its sovereign debt since 1918, in a media briefing on Monday.