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Russia’s bond default isn’t going to follow the playbook. For one thing, there’s little precedent of a debtor -- even one at war -- that says it has the money and wants to pay bondholders, but has been blocked by a web of sanctions and frozen assets.
By Sunday night — the last day of a 30-day grace period — Russia must pay roughly $100 million to bondholders, or else it will fall into default.
"We've done everything we can to lead the horse to water. But it's not up to us whether it wants to drink or not," Russia's finance minister said
Russia failed to include $1.9 million in interest for a bond payment made in May, Bloomberg reported Wednesday.
The new system will let Russia bypass the Western financial system entirely, Finance Minister Anton Siluanov said.