Russia in first foreign debt default in over a century, bondholders claim

The country's banking system has also been cut off from large parts of the global market.The Kremlin has repeatedly said there are no grounds for Russia to default.March: World Bank 'anticipates' Russian default

It was not clear whether a rouble payment via the Belgium-based bank Euroclear had been blocked or if Russia had been declared in default by bondholders because the money was not in the correct currency. A default was seen as inevitable, however, when the US Treasury decided not to renew an exemption to sanctions rules that had allowed payments to foreign bondholders.

Jay S. Auslander, a top sovereign debt lawyer at Wilk Auslander in New York said it could take some time to determine a default."The overwhelming probability is they won't be able to because no bank is going to move the money." While a formal default would be largely symbolic because the country cannot borrow internationally at the moment, the stigma could raise its borrowing costs when Russia eventually returns to the bond market.Related Topics

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