US official says the default shows how dramatically sanctions are impacting Russia’s economy
London/Taipei —
Earlier, some bondholders said they had not received overdue interest on Monday after the expiry of a key payment deadline a day earlier. “Since March we thought that a Russian default is probably inevitable, and the question was just when,” Dennis Hranitzky, head of sovereign litigation at law firm Quinn Emanuel, told Reuters. “OFAC has intervened to answer that question for us, and the default is now upon us.”
Rodrigo Olivares-Caminal, chair in banking and finance law at Queen Mary University in London, said clarity was needed on what constituted a discharge for Russia on its obligation, or the difference between receiving and recovering payments.
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