Russia defaults on two Taiwanese-owned Eurobonds worth US$100 million after Western sanctions on Russia led Euroclear to block Russian attempts to service the debt before yesterday's deadline. Russia describes the default as artificially manufactured and "a farce". The default will have few immediate consequences for Russia since the country is currently unable to borrow internationally due to the SWIFT ban against Russian banks.
Russia misses yesterday's deadline to make payments on two Taiwanese-owned Eurobonds worth US$100 million after Western sanctions on Russia led Euroclear to block Russian attempts to service the debt. Russia describes the default as artificially manufactured and "a farce". The default will have few immediate consequences for Russia since it already cannot borrow internationally.
Russia defaults on two Taiwanese-owned Eurobonds worth US$100 million after Western sanctions on Russia led Euroclear to block Russian attempts to service the debtbeforeyesterday'sdeadline. Russia describes the default as artificially manufactured and "a farce". The default will have few immediate consequences for Russia since thecountry iscurrentlyunableto borrow internationallyduetotheSWIFTbanagainstRussianbanks.
/cloudfront-us-east-2.images.arcpublishing.com/reuters/LZ2INKUAYNO35J2DV6ZPZ33GLI.jpg "Russia pushed into historic default by sanctions © Reuters")