Russia may have defaulted on its debt for first time in 100 years: Moody's

Russia may have defaulted on foreign bonds for the first time since the years following the 1917 Bolshevik Revolution.

That's the word from credit agency Moody's after Moscow tried to service its debt in rubles.

Russia is required to service its debt in U.S. dollars, according to Reuters.

Moscow made payments on April 4 on two sovereign bonds maturing in 2022 and 2042.

Russia "therefore may be considered a default under Moody's definition if not cured by 4 May, which is the end of the grace period," Moody's said in a statement...