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

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The rating agency said on April 9 that Russia was unlikely to honor its obligations to foreign bondholders. Earlier in April Russia made Eurobond payments in rubles instead of dollars, and S&P believes bondholders are unlikely to convert them into dollars.

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"During the Spring Meetings, we found understanding from our partners that this is indeed a sensitive topic and a non-constructive idea," Ukrainian Prime Minister Yulia Svyrydenko said on April 19 in a Telegram post, referring to the new VAT tax.

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