Contents tagged with Russian Debt
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Russia misses $1.9 million bond interest payment, increasing likelihood of debt default
Russia failed to pay a $1.9 million interest payment on an international bond, bringing the country closer to its first major external debt default in over a century. The late payment could force payouts of billions of dollars to holders of insurance on Russian bonds.
Russia’s International 2022 bond matured on April 4th, but principal and interest payments were not made until May 2nd.
The Credit Derivatives Determinations Committee overseeing Europe voted Wednesday that the missed payment …
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US Treasury Secretary says Russian debt exemption could end soon, likely resulting in Russian debt default
US Treasury Secretary Janet Yellen said it is “reasonably likely” that a sanctions exemption that allows Russia to make payments to US bondholders will soon expire, which would likely result in Moscow defaulting on its sovereign debt.
US sanctions have blocked transactions with Russian banks, but a Treasury Department directive allowed US investors to receive interest payments from Russia. The directive expires on May 25th.
“When we first imposed sanctions on Russia, we created an exemption …