Ukraine Calls on G7 Leaders to Impose More Sanctions on Russia as Kremlin Rejects Claims of Default

Ukrainian President Volodymyr Zelensky on Monday urged world leaders gathered at the G7 summit to do everything possible to end Russia’s invasion of his country before the end of the year, a source told AFP.
In his closed-door address via video link to a gathering of leaders in the German Alps, Mr. Zelenskiy said combat conditions would make it harder for his troops to fight back.

According to him, the war, which lasted until winter, runs the risk of flaring up further. Therefore, he called on the leaders of the G7 to do their best to end the war before the end of the year, including by strengthening sanctions against Russia, the source said.

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Despite multiple rounds of punitive measures that Western allies have unleashed on Moscow, Mr. Zelenskiy pleaded with them “not to ease the pressure and continue massive and tough sanctions on Russia.”

Default Claims ‘Absolutely Wrong’: Kremlin

Meanwhile, on Monday, the Kremlin insisted there was “no reason” to say Russia has defaulted on its sovereign foreign-currency debt as the West slams sanctions on Russia over its offensive into Ukraine.
“There is no reason to call this situation a default,” Kremlin spokesman Dmitry Peskov told reporters after the deadline for paying key sums passed on Sunday.

“These default claims are absolutely wrong,” he said, adding that Russia paid off the debt in May.

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Earlier Monday, Bloomberg News reported that Russia defaulted on its foreign-currency sovereign debt for the first time in more than a century after a grace period on about $100 million in interest due on Sunday expired.
The Russian authorities have accused the West of seeking to bring Moscow to an artificial default, and Finance Minister Anton Siluanov called the situation a “farce.”
Western punishment of Russia has largely cut the country off from the international financial system, making it difficult for Moscow to service its debt.
The last time the country defaulted on its foreign-currency debt was in 1918, when the leader of the Bolshevik revolution, Vladimir Lenin, refused to recognize the obligations of the ousted tsarist regime.

In 1998, amid a wider financial crisis, the company defaulted on ruble-denominated debt.