Russia pitches into first major external bond default in century

Russia defaulted on its foreign sovereign bonds for the first time since the Bolshevik revolution, as sweeping sanctions effectively cut the country off from the global financial system and rendered its assets untouchable to many investors. A US official said on Monday the default showed how dramatically the sanctions were impacting Russia’s economy.

Small print While ratings agencies usually formally downgrade a country’s credit rating to reflect default, this does not apply in case of Russia as most agencies no longer rate it The legal situation surrounding the bonds looks complex. Russia’s bonds have been issued with an unusual variety of terms, and an increasing level of ambiguities for those sold more recently, when Moscow was already facing sanctions over its annexation of Crimea in 2014 and a poisoning incident in Britain in 2018.

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