Siluanov reportedly told Russian state-owned news agency RIA Novosti that the blockage of payments does not constitute a genuine default, which usually come as the result of unwillingness or inability to pay, and called the situation a"farce."
"Indeed, Russia likely already defaulted on some ruble denominated instruments owed to foreigners in the weeks just after the invasion, albeit having pulled their ratings, the ratings agencies were not able to call this a default," Ash said in a note Monday. He argued that Russia's alternative sources of foreign financing beyond the West, such as Chinese banks, would also be reluctant to look beyond the default headlines.
Russia has thus far managed to implement successful capital controls that have supported the ruble currency, and continued to bring in substantial revenues from energy exports as a result of soaring oil and gas prices.
Source: Loan Digest (loandigest.net)
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