Russia's credit crunch raises specter of default

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

20220301N Ruble dollar rate

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

KENTA SHINOZAKI, KOHEI ONISHI and KOSUKE TAKAMI, Nikkei staff writers

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.

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