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The Russian Default Is Less Worrisome Than It Appears. Keep Watching Oil.

·8 min read
The Russian Default Is Less Worrisome Than It Appears. Keep Watching Oil.
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Russia’s first default on its foreign debt in more than 100 years is the latest sign that the sanctions levied against the country after the Ukraine invasion have consequences. To be sure, Russia’s default on ruble-denominated bonds in 1998 was a big deal. It forced highly leveraged hedge fund Long Term Capital Management to collapse, a precursor of the financial crisis that struck a decade later.