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Russia’s Ally Belarus Falls Into Default on Dollar Payment Miss

July 14, 2022, 8:30 PM

Belarus, a key ally to Russia during the war in Ukraine, tumbled into default as sanctions that effectively cut both countries off from international financial markets led the nation to miss a payment on its dollar bonds.

Moody’s Investors Service said Belarus defaulted by failing to make a $22.9 million coupon payment on $600 million in dollar bonds due 2027 before the end of a grace period on July 13. The country said it would pay in rubles instead of dollars to special accounts at Belarusbank, which is considered an event of default by the credit rating company’s definition. ...