That might be part of it, but they’re one of the largest debtors in russia, with billions owes to banks.
Their bankruptcy will cause a cascading effect with banks failing. Classic case of “if I owe the bank a thousand dollars, that’s my problem, if I owe them a million, that’s their problem”. There are already signs that russian banks are facing insolvency issues.
That might be part of it, but they’re one of the largest debtors in russia, with billions owes to banks.
Their bankruptcy will cause a cascading effect with banks failing. Classic case of “if I owe the bank a thousand dollars, that’s my problem, if I owe them a million, that’s their problem”. There are already signs that russian banks are facing insolvency issues.