The rating agency Moody’s reported Russia’s default due to the fact that investors did not receive payments on two issues of Eurobonds worth $ 100 million.
Source: The rating agency Moody’s
“On 27 June, holders of Russia’s sovereign debt had not received coupon payments on two Eurobonds worth $100 million by the time the 30-calendar-day grace period expired, which we consider an event of default under our definition.”
Russia has announced that it will pay foreign debts in rubles.
“Pre-2018 Russian Eurobonds don’t have such an option, as neither did Russia using rubles to make a partial sovereign debt redemption in late March.”
By the way, the Kremlin does not agree with the allegations of default in Russia on foreign currency debt.
Asked by reporters whether the Kremlin agreed with the default in Russia, Dmitry Peskov, Press Secretary for the Russian President said: “No, I do not agree.”
June 26 was the deadline for Moscow to make interest payments worth around $100 million on its sovereign debt.
See also: Russians “have no idea what they are fighting for,” – EU Commission President
