June 27, 2022 21:52 GMT
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Moody's has confirmed that Russia's failure to pay interest on two Eurobonds by the time the grace period expired on Monday constituted a default event, adding that defaults on future coupon payments are likely.
- A formal default is usually declared by rating agencies, by top firms have stopped rating Russia's sovereign debt and its companies due to sanctions imposed by the European Union.
- Russia maintains that it has not defaulted on foreign debt as the money sent to creditors was blocked by Western sanctions. Kremlin spokesman Peskov reiterated that position on Monday.