The clock on Spasskaya tower showing the time at noon, is pictured next to Moscow's Kremlin, and St. Basil's Cathedral, on March 31, 2020.LONDON - Russia looked set for its first sovereign default in decades as some bondholders said they had not received overdue interest on Monday following the expiry of a key payment deadline a day earlier.
Russia's efforts to avoid what would be its first major default on international bonds since the Bolshevik revolution more than a century ago hit an insurmountable roadblock in late May when the US Treasury Department's Office of Foreign Assets Control effectively blocked Moscow from making payments.
The payments in question are $100 million in interest on two bonds, one denominated in US dollars and another in euros, Russia was due to pay on May 27. The payments had a grace period of 30 days, which expired on Sunday. Rodrigo Olivares-Caminal, chair in banking and finance law at Queen Mary University in London, said clarity was needed on what constituted a discharge for Russia on its obligation, or the difference between receiving and recovering payments.
The lapsed OFAC licence is not the only obstacle Russia faces as in early June the European Union imposed sanctions on the NSD, Russia's appointed agent for its Eurobonds.
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