Russia's default follows series of unprecedented Western sanctions that have increasingly isolated Russia from global financial system
SCHLOSS ELMAU: Western sanctions against Russia will only end when Russian President Vladimir Putin accepts that his plans in Ukraine will not succeed, German Chancellor Olaf Scholz said.
"All the sanctions we imposed over Crimea are still there. All the sanctions we imposed because of the Russian-incited uprising in Donbas are still there. And the same will go for the decisions taken now, which are much more severe," he said.
"There is only one way out: for Putin to accept that his plans in Ukraine will not succeed," he added on Tuesday at the closing news conference of the three-day G7 summit in Germany.
G7 leaders have agreed to study placing price caps on imports of Russian oil and gas to try to limit Moscow's ability to fund its invasion of Ukraine, G7 officials said on Tuesday.
The United States was the first to call for a mechanism that would cap the price other countries pay for Russian oil.
AFP reported that Moody's rating agency has confirmed that Russia defaulted on its foreign debt for the first time in a century after bondholders did not receive $100 million in interest payments.
The historic default follows a series of unprecedented Western sanctions that have increasingly isolated Russia from the global financial system following its invasion of Ukraine.
With inputs from AFP.