2022 Russian debt default

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Russia defaulted on part of its foreign currency denominated debt on June 27, 2022 (because the money got stuck in Euroclear^[1]), its first such default since 1918 (in 1998 it was ruble-denominated bonds).^[2][3] Before that, on 2 June, Russia defaulted on the 30-day interest, incorrectly not counting interest for the grace period,^[4] but a failure to pay $1.9 million was not sufficient to trigger a cross-default across other instruments, because the minimum threshold is an amount of at least $75 million, according to documents for other Russian eurobonds.^[5] The default occurred due to technicalities as the payment in dollars was impossible due to the sanctions by US and EU authorities,^[6] but did not mark an actual lack of capability to pay its debts.