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We are talking about " Swiss francs. The securities were issued in 2020, the payment date for them came on March 14. Before the expiration of the 10-day grace period, the company was unable to make a payment due to sanctions imposed against it. In addition, Russian Railways failed to pay coupon payments on Eurobonds in British pounds and Russian rubles, and it was also unable to repay dollar Eurobonds..

Next, the credit default swap (CDS) mechanism is launched, otherwise credit risk insurance.

That is, investors will be reimbursed certain amounts, but what exactly remains to be seen, the agency notes..

This is the first decision of the Committee on the default of a Russian company since the introduction of tough Western sanctions..

The last time the country had an external default was only after the 1917 revolution..

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Recall that last Saturday, the S\u0026P rating agency announced that the Russian Federation is in a state of "