Russia was judged to have breached the terms on a bond after missing a $1.9 million interest payment, Bloomberg reported on Wednesday, citing a decision by the Credit Derivatives Determinations Committee of the International Swaps and Derivatives Association.
As the agency informs, this amount was to be included in the payment on Russian government bonds made at the beginning of last month. According to Bloomberg, the amount of insurance payments to holders of Russian bonds can reach $3.2 billion.
Bloomberg emphasizes that the size of the accumulated interest payments and the fact that the principal payment has already been made means that the ruling [by the Credit Derivatives Review Committee] will not trigger a wider default on Russian government bonds.
