Russia is considered a defaulting payer in the financial world.

Because the country had not paid interest on late repayment of government bonds, a "failure to pay credit event" had occurred, the investor committee CDDC announced on Wednesday.

As a result, buyers of default insurance policies can assert claims against providers of these so-called credit default swaps (CDS).

In this specific case, it was about a volume of 1.9 million dollars.

Russia, which can only do limited foreign exchange transactions due to Western sanctions in response to the invasion of Ukraine, only repaid a bond that was due in early April shortly before the grace period expired on May 2nd.

Since the above-mentioned interest on arrears was not included, creditors had referred the case to the CDDC.

According to the information, the committee wants to discuss the Russia case again on Monday.

Some investors say more defaults by Russia are inevitable as a US waiver that allowed the country to service its foreign debt expired at the end of May.

The volume of Russian foreign currency bonds is around 40 billion dollars.

Almost two billion dollars are due in interest and repayments by the end of the year.

The next deadline is June 23, when $235 million in interest needs to be remitted.

According to calculations by the bank JPMorgan, CDS on Russian bonds with a volume of 2.54 billion dollars are currently in circulation.

Shortly before the start of the Ukraine war, Russia had foreign exchange and gold reserves of almost 650 billion dollars.

It also continues to earn billions every week from commodity exports.