Russian corporate bond defaults head for a 17-year high

Defaults on Russian corporate bonds are heading for their highest level in 17 years, according to a report by Euromaidan Press on the economic consequences of the war against Ukraine for Russia itself.

The outlet says the financial squeeze first hit smaller firms but is now spreading more widely and reaching Moscow's own budget. Russia is running a record deficit as the government continues to fund the war.

The available excerpt of the source gives no further details, such as specific companies, amounts or forecasts. This report therefore covers only the main points: growing problems in the corporate debt market and a record deficit in public finances.