Putin signs decree on external debt service as possible default looms

Russian President Vladimir Putin signed a decree on Wednesday establishing temporary procedures to fulfil foreign debt obligations, the Interfax news agency reported, as investors keep a close eye on a potential default. The agency said Putin had ordered the government to choose banks within 10 days to handle payments on Eurobonds under a new scheme.

Russia's failure to service its foreign debt due to Western sanctions is taking it closer to its first default on international bonds since the Bolshevik revolution more than a century ago.