Russia appeared to dodge default on its foreign debt by dipping into its scarce dollar reserves. But Moscow's debt drama is far from over.
Russia's finance ministry abandoned its proposal to use rubles instead of dollars to make overdue payments on two government bonds, saying Friday that it had transferred the money to an account at Citigroup: $564.4 million for a bond due in 2022, and $84.4 million for another due in 2042. A 30-day grace period on making the overdue payments was to expire Wednesday.
