Russia has reportedly defaulted on its foreign debt for the first time in a century, further alienating the country from the global financial system.
The country was due to make a $100 million payment to international creditors on Sunday, but was not able to due to wide-ranging sanctions imposed on it due to the war in Ukraine.
The situation is likely to upset Russian president Vladimir Putin who was mocked by leaders at the start of the G7 summit on Sunday.
Meanwhile Ukraine’s president Volodymyr Zelensky has urged leaders of some of the world’s richest countries to do more to support his nation’s fight against Russia.
Addressing the G7 summit in the Bavarian Alps via video link, Mr Zelensky called for anti-aircraft defence systems, more sanctions on Russia and security guarantees.
The three-day summit will have the US, the UK, Canada, France, Germany, Italy and Japan in attendance in Berlin with a focus on pledging more support to Ukraine.
It comes just a day after Russia struck Kyiv and Moscow’s troops turned their focus on capturing Lysychansk as they entered the last major city in Ukraine’ Luhansk province.
