This was reported by Ukrinform with reference to Forbes.

Russia’s missed June 27 payment “represents a default” and such defaults “are likely to continue.”

Reuters, citing its own sources, said earlier that some Taiwanese Russian bondholders did not receive interest payments even after the deadline (Sunday), indicating a default.

the Russian government cited economic sanctions preventing it from making payments despite having the resources.

Foreign debt defaults are usually issued by global rating agencies such as Moody’s, Fitch and S&P, but the sanctions include a ban on rating Russian companies.

The default, announced on Monday, was the first in the years of existence of the Russian state (1918-1922 and 1991-2022), as well as the Soviet Union (1922-1991), which included the Russian Federation as one of the republics.

In 1998, the Russian government under President Boris Yeltsin defaulted on $40 billion of domestic debt due to the financial crisis.

As Ukrinform reported citing Bloomberg, the grace period for Russia’s interest payments in the amount of approximately $100 million, which were due on May 27, expired on Sunday, and this is considered a default event.