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Russian Railways defaults on bonds. Is the country running out of money war?

Russian Railways defaults on bonds. Is the country running out of money war?
photo: RZD/The Credit Derivatives Committee has recognized Russian Railwaysas defaulting on one Eurobond issue.
13 / 04 / 2022

The Credit Derivatives Committee has recognized Russian Railwaysas defaulting on one Eurobond issue.

Russia's Railways has been declared insolvent on bonds for failing to pay interest last month, the first such decision since sanctions were imposed on Russia, complicating financial transactions.

According to the Credit Derivatives Determination Committee, the loan defaulted after the coupon due on March 14 did not reach investors by the end of the 10-day grace period.

The contracts insuring the company's debt against default will be activated. The decision was made because investors focused on whether there would be a default on the country's sovereign bonds after coupon payments on two securities were made in rubles last week, although the bonds did not allow it.

If that happens, it will be Russia's first foreign default in more than a century. Both notes have a 30-day grace period.

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