Russia is spiraling closer to a historic debt default that could ripple throughout the global economy after the U.S. and its European allies hit the Kremlin with crippling financial sanctions. The Kremlin is now due to pay $117 million in interest on two dollar-denominated bonds. With the sanctions preventing the nation from accessing its reserve of dollars and euros, the ruble has depreciated sharply. As of Wednesday morning, 107 rubles were worth $1.
