“Holders of Russia’s sovereign debt on June 27 did not receive coupon payments on two Eurobonds in the amount of $100 million by the end of the grace period of 30 calendar days, which, according to our definition, we consider as a default,” RIA Novosti quoted the agency as saying.
Earlier, Bloomberg reported that in Russia on the night of Monday, June 27, there was a technical default on external debt.
The agency noted that the situation with Russian bonds is developing according to a unique scenario, when the borrower has the funds and the desire to pay, but cannot do this due to sanctions.
At the same time, the Russian Ministry of Finance reported that the country had sent funds to make a payment on Eurobonds in advance, but due to the actions of foreign financial intermediaries, the amount did not reach the final recipients.
The ministry emphasized that this event cannot be regarded as a default.