Matthew DiGiuseppe

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Replacing ships like the Moskva will be pricey. The flagship of Russia’s Black Sea Fleet recently sank after suffering damage. Russian Defense Ministry Press Service via AP

Russia faces first foreign default since 1918 – here’s how it could complicate Putin’s ability to wage war in Ukraine

Michael A. Allen, Boise State University and Matthew DiGiuseppe, Leiden University

Russia is on the verge of defaulting on its foreign debt, which not only could have severe economic consequences but could also complicate Putin’s ability to wage a prolonged war in Ukraine.