Russia may be in default, Moody's says

FILE PHOTO: An aerial view shows the skyline of the capital Moscow in Russia, October 29, 2015. REUTERS/Andrey Kuzmin

LONDON: Russia may be in default after it tried to service its dollar bonds in roubles due to Western sanctions over the war in Ukraine, Moody's said, Moscow's first major default on foreign bonds since the years following the 1917 Bolshevik revolution.

Russia made a payment due on April 4 on two sovereign bonds - maturing in 2022 and 2042 - in roubles rather than the dollars it was mandated to pay under the terms of the securities.