For first time in over a century, Russia defaults on its external debt

Russia defaulted on its foreign-currency sovereign debt for the first time in more than a century after failing to make two payments by the Sunday night deadline. Russia has the money to make a $100m payment and is willing to pay, but sanctions made it impossible to get the payments to international creditors. The Kremlin had been determined to avoid the default, which is a major blow to the nation's prestige.