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Ukraine war

S&P cuts Russia's foreign currency rating to 'selective default'

Country could face its first sovereign external default in over a century

New U.S. sanctions are targeting family members of Russian President Vladimir Putin, right, and Foreign Minister Sergei Lavrov.   © Reuters

MELBOURNE (Reuters) -- S&P on Saturday lowered Russia's foreign currency ratings to "selective default" on increased risks that Moscow will not be able and willing to honor its commitments to foreign debtholders.

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