Russian default risk surged as investors began to digest the possibility that the Biden administration will fully block bond payments from the country to US investors from next week.The move, if confirmed, may be the final straw in Russia’s debt saga after almost three months of war in Ukraine, pushing the country into its first foreign default in a century.Insurance on Russian sovereign debt — used to protect investors against non-payment — jumped on Wednesday, signalling a 90% chance of a default within one year. That probability rose from 77% on Tuesday, according to ICE Data Services.
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