a $3 billion bond, owed to Russia, that matures in December.
A bizarre clause in the bond specifies that if Ukraine’s debt-to-GDP ratio exceeds 60%, Russia can demand early repayment. That, in turn, would trigger a cross-default on a big chunk of the government’s other debts. Everyone knows that Ukraine has already passed the 60% threshold, though this will not be announced officially for a few months. It may soon become clear that it is Russia, not the West, that holds the most sway over Ukraine’s economy.