Moscow is on the brink of defaulting on its debt for the first time since the Bolshevik coup more than a century ago as sanctions begin to take their toll on the Russian economy. Credit ratings agency Standard & Poor downgraded Moscow from 'junk' to 'selective default' on Friday after Russia tried to make foreign bond payments in roubles on Monday when they were due in dollars. 's government is unable to make dollar payments from accounts held at American banks after the US Treasury stepped in to halt them in the latest wave of sanctions imposed on Russia for invading Ukraine.
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