Russia in "failure to pay" credit event according to investor committee

A panel of investors on Wednesday determined Russia had triggered a credit event after it failed to pay nearly $1.9 million in interest on a sovereign bond that matured earlier this year, taking the nation a step closer to its first major external debt default in over a century.

The EMEA Credit Derivatives Determinations Committee (CDDC) said on its website that the committee voted 'yes' to a question to determine whether a "Failure to Pay Credit Event" occurred with respect to Russia.

Russia's international 2022 bond matured on April 4 and payment of principal and interest due at maturity was not made until May 2, within the grace period, but warranting potential interest arrears.