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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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The Kyiv Independent news desk

We are the news team of the Kyiv Independent. We are here to make sure our readers get quick, essential updates about the events in Ukraine. Feel free to contact us via email with feedback and news alerts.

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"We expect a strong and productive NATO Summit. Decisions are needed now that will provide greater protection for our people, more capabilities for our defense, and even stronger security cooperation between Ukraine, Europe, and the United States," President Volodymyr Zelensky said on X.

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