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Credit crisis in Russia
Russia defaulted on part of its foreign currency denominated debt on June 27, 2022 (because the money got stuck in Euroclear[1]), its first such default since 1918 (in 1998 it was ruble-denominated bonds).[2][3] Before that, on 2 June, Russia defaulted on the 30-day interest, incorrectly not counting interest for the grace period,[4] but a failure to pay $1.9 million was not sufficient to trigger a cross-default across other instruments, because the minimum threshold is an amount of at least $75 million, according to documents for other Russian eurobonds.[5] The default occurred due to technicalities as the payment in dollars was impossible due to the sanctions by US and EU authorities,[6] but did not mark an actual lack of capability to pay its debts.
^"Investors have not received Russian Eurobond payments because of third-party actions; there is no default according to issue documentation - Finance Ministry". interfax.com. Retrieved 1 March 2023.
^Giulia Morpurgo; Libby Cherry (June 27, 2022). "Russia Defaults on Foreign Debt for First Time Since 1918". Bloomberg News.
^King, Ben; Jordan, Dearbail (27 June 2022). "Russia in debt default as payment deadline passes". BBC. Retrieved 27 June 2022.
^Cite error: The named reference :0 was invoked but never defined (see the help page).
^"Russia Fails to Meet Bond Obligations, Triggering Swaps Payout". Bloomberg.com. 1 June 2022. Retrieved 1 March 2023.
^"West pushes Russia into its first foreign debt default since 1918". CNN. 28 June 2022. Retrieved 29 April 2023.
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