Russia Falls on Selective Default by Attempting to Pay Foreign Debt in Rubles

Objectivity 4.4 | Credibility 4.7 | Relevance 4.6

The S&P credit rating agency said that Russia fell on selective default by attempting to pay bondholders in rubles instead of dollars. A selective default happens when an entity is unable to pay a specific obligation but not its entire debt. The sanctions imposed by western nations undermine Russia’s “willingness and technical abilities to honor the terms and conditions” of its financial obligations to bondholders.