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