Fears are growing that Russia will default on its debt. Here's what you need to know
Russia owes interest payments on two dollar-denominated bonds on Wednesday. If it doesn't pay, the country could go into default.
Investors are preparing for the very real possibility that Russia will default on its debt, an event that threatens to further isolate the country from the global financial system, perhaps for years to come.
On Wednesday, Russia needs to pay a total of $117 million in interest payments on two bonds that are denominated in dollars. Right now, it is unclear how, or if, the country will pay them.
Failure to pay the interest rates would start a 30-day grace period for Russia to make good
