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Russia's credit crunch raises specter of default

G-7 finance chiefs pledge more action as debt yields soar and liquidity tightens

The ruble has collapsed against the dollar over the past several days amid tightening financial sanctions.   © Reuters

LONDON/TOKYO -- The international financial sanctions against Russia are driving the country toward a credit crisis, as restrictions on Moscow's access to foreign currency stoke concerns about defaults on external debt.

Group of Seven finance ministers and central bankers agreed in a virtual meeting Tuesday to take further action swiftly in response to Russia's invasion of Ukraine. But Japanese Finance Minister Shunichi Suzuki declined to comment on the specifics of their discussion.

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