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The Guardian - UK

World

Richard Partington Economics correspondent

What happens if Russia can’t pay its debts after western sanctions?

Russia United States World Bank Belarus

The Central Bank of Russia on Neglinnaya Street, Moscow. Photograph: Kommersant Photo Agency/Rex/Shutterstock

Russia is close to being unable to pay its debts amid sanctions imposed by the west after Vladimir Putin’s invasion of Ukraine.

The World Bank’s chief economist, Carmen Reinhart, warned on Thursday that Russia and its ally Belarus were “mightily close” to default.

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