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Russia may be on track for the first major external sovereign debt default,two sources told Reuters. This is because some Taiwanese holders of Russian Eurobonds did not receive interest on May 27 after the grace period expired on Sunday night.
Russia was scheduled to pay a $ 100 million coupon on May 27 with two Eurobonds. Following the February 24 invasion of Ukraine, there was little but the sanctions imposed on Russia by the western capital and the measures taken by Moscow to separate the country from the global financial ecosystem. Russia calls its actions in Ukraine a "special operation".
Despite having too many curbs, Russia has been able to pay with seven bonds before recent interest payments since the invasion of Ukraine. Russia's debt accounts for less than half of Taiwan's bond holdings, according to Reuters.
Some information in this report is from Reuters.
