Russia defaults on foreign debt, 1st time in 105 years

(Moscow) -- Russia is defaulting on foreign debt for the first time in more than a century.

For the first time since the Bolshevik Revolution, Russia defaulted on two foreign sovereign bonds after a grace period expired Sunday night. Sweeping western sanctions over Russian President Vladimir Putin's invasion of Ukraine have effectively cut off Moscow from the global financial system.

The sanctions have made Russia's assets untouchable to many investors.