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Russia has defaulted on its overseas debt for the first time in more than a century after missing a Sunday deadline, reports suggest.
Russia has the money to make a $100m payment and is willing to pay, but sanctions made it impossible to get the sum to international creditors.
The Kremlin had been determined to avoid the default, which is a major blow to the nation's prestige.
The Russian finance minister branded the situation "a farce".
The $100m interest payment was due on 27 May. Russia says the money was sent to Euroclear, a bank which would then distribute the payment to investors.
But that payment has been stuck there, according to Bloomberg News, and creditors have not received it.
Source: www.bbc.com
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