LONDON, April 11 (Reuters) -

A credit committee has voted to class a bond issued by Russian Railways as being in default, marking the first time a Russia-originated debt instruments has been officially classified as defaulted since the country's invasion of Ukraine.

The EMEA Credit Derivatives Determinations Committee (CDDC), whose members include some of the world's biggest investment banks, said on Monday it had decided a "failure to pay" credit event has occurred on Swiss franc loan participation notes linked to state-owned Russian Railways.

The loan participation notes due 2026 were issued by RZD Capital to finance a loan of 250 million Swiss francs ($268 million) to Russian Railways.

Western sanctions against Russia following the Ukraine invasion, which Russia says is a "special military operation", have imposed strains on the Russian economy and raised questions about the possible default of many bonds issued by Russian corporations.

In turn this has raised the possibility of substantial writeoffs by Western lenders to Russia.

Bank of America (BAC.N), Goldman Sachs International (GS.N) and JPMorgan Chase Bank (JPM.N) are some of the committee members who voted "yes" to the question on whether a failure to pay event occurred on these assets. The committee met on Friday.

Some analysts see this as a test case on whether a solvent issuer that could not physically make the payment due to sanctions is considered in default.

"Apparently CDDC says yes... and probably means it will conclude something similar with the Russian sovereign trying to pay a USD coupon – but failing to," said a source, speaking on condition of anonymity.

A spokesman for UBS AG, the notes' paying agent, declined to comment.

Russian Railways, which operates both cargo and passenger trains along thousands of miles of railway, said it had attempted to make interest payments due March 14 but was unable to do so due to "legal and regulatory compliance obligations within the correspondent banking network," according to an official notice posted by the SIX Swiss Exchange and referenced in the request to the committee.

Russia Finance Minister Anton Siluanov said the country will take legal action if the West tries to force it to default on its sovereign debt.

Russia could face its first sovereign external default in over a century after it made arrangements to make an international bond repayment in roubles earlier this week, even though the payment was due in U.S. dollars.

If Russia defaults, it will be the first time it's happened since the Bolshevik Revolution in 1917.

https://www.reuters.com/world/europe/credit-derivatives-committee-says-failure-pay-has-occurred-russian-railways-2022-04-11/

Sanctions na your mate?

Igbofam:
Sanctions na your mate?

economic warfare na your mate?

Just to note, this isn’t because Russia doesn’t have money to pay, it’s because they are sanctioned and can’t effectively use the US dollar. I think they offered to make payments with Roubles(Russian currency).

The West have turned on Russia but Putin will surely have his way at the end

Putin is a very smart man who with his experience, must have seen these before the Ukrainian invasion

They way made the Russian economy to bounce back, he will do something again about this

The only thing u want African leaders to do is to learn from Europe bus to look for a way to corperated and protect the continents and don't allow any external force to commit those atrocities within the boundaries and go free without giving it a fight

Half of the anti-Russian propaganda on Nairaland is being spread by Igbofam, fernandezisback and joyandfaith.
Those people must be yahoo boys with poor Ukrainian women as their maga for them to carry anti-Putin news on their head like gala.
Yes, Ukraine are warriors but for the sake of their people, let the negotiations to end the war begin.

K

Propaganda debt defualt

Someone owes you money... You freeze his bank account , he offers you alternative of paying cash through his currency you said NO, he offers to pay using another banking platform from China you still said NO

They don't need their money if they do, they won't hesitate to receive their payment and drop propaganda sanctions...

When European citizens and investors don't get their money back that's when we shall see who suffers from the mumu sanction



.

ok

in 6months , Somalia will be better than Russia






I buy all countries giftcards. I buy GREENDOT/PAYPAL FUNDS @ your own rate. I sell google voice bulk and unit @ cheaper price ✅

Just the beginning

NATO , leave Russia alone !!!

JosephXavier:
E

See you

Ezedon:
W

XYZ

Putin is the only man on earth to have built something very credible only to turn around to destroy what he built because he wants more.

He built Russian economy to enviable heights, but by the time he defaults on other loan repayments, used toilet paper will be worth more than the Russian Rubble.

The last time Russia defaulted on there loan repayment was in the 80s and because of that, inflation hit at over 80%. Let see the magic Putin will perform this time around. I read he is planning to sue western countries for forcing Russia into defaulting on loan repayments.

But my question is, where is he going to sue them? At the international courts they (Russian) themselves stopped recognizing with the claim that such courts don't have jurisdiction over Russia?

Well, watching from the side!

Putin thinks He can scare everybody.

Ok

kingthreat:
This

This what? Mtchewww

DoorMan:


XYZ

hahahahahahaha

Russia the debtor
Credit rating down the gutter

In other news:

Noted

Hahahahahohohohtititititi

Oh oh oh!

Igbofam:
LONDON, April 11 (Reuters) -



https://www.reuters.com/world/europe/credit-derivatives-committee-says-failure-pay-has-occurred-russian-railways-2022-04-11/

be like say u be minister of russian affairs while this other girl is minister of rape

pipnator00:
good

JosephXavier:
E

Janula1290:
Jhhfdx

You guys should be ashamed of yourselves

Only 45 days into War, Russia don dey default on payment...

Putin never see anything....

Nuclear weapons and ammunitions are not the only tools to wage war nowadays....

Only a War Criminal like Putin would fail to understand this fact...

Sanctions would do same damage to his nation like what an atomic bomb would do...

In the months and days to come,

The radiation from Western Sanctions would be far reaching and deadly just like the radiation that comes from a Nuclear weapon.

pipnator00:
Putin is the only man on earth to have built something very credible only to turn around to destroy what he built because he wants more.

He built Russian economy to enviable heights, but by the time he defaults on other loan repayments, used toilet paper will be worth more than the Russian Rubble.

The last time Russia defaulted on there loan repayment was in the 80s and because of that, inflation hit at over 80%. Let see the magic Putin will perform this time around. I read he is planning to sue western countries for forcing Russia into defaulting on loan repayments.


But my question is, where is he going to sue them? At the international courts they (Russian) themselves stopped recognizing with the claim that such courts don't have jurisdiction over Russia?

Well, watching from the side!

Nor mind that War Criminal that is destroying his country.

Maybe he is planning to sue them at the World Trade Organisation...

Or other international bodies that are responsible for settling international financial disputes...

But anywhere Putin turns to, his enemies are plenty... And for good reasons.

Almost all International Organisation where they can turn to and seek redress are ready to work against Putin's Russia.

Russia is now being treated like a Coronavirus patient........ Isolated.

JosephXavier:
The West have turned on Russia but Putin will surely have his way at the end


Putin is a very smart man who with his experience, must have seen these before the Ukrainian invasion

They way made the Russian economy to bounce back, he will do something again about this

The only thing u want African leaders to do is to learn from Europe bus to look for a way to corperated and protect the continents and don't allow any external force to commit those atrocities within the boundaries and go free without giving it a fight

Putin saw nothing coming when he invaded Ukraine..

The War Criminal was living in a fool's paradise when he made that decision to invade a sovereign nation...

He thought he could capture Kyiv in 3 days but after a month and a half, Kyiv is still standing.

He thought the comedian turn President (Zelensky) would run away at the sound of Bombs but Zelensky would forever be a national hero because he chose to fight for his country even though Joe Biden offered him a ride out of Kyiv...

He thought the west would be divided in their response to his invasion just like in 2014 but he was shocked at the Unity of their response.

He thought by now he would have less NATO FORCES in his western borders but he now has more NATO troops in Estonia, Latvia, Lithuania.

He thought his own troops would do a good job in Ukraine but their Laziness and lack of skills have been exposed to the world.

He thought he got the right intel about the Ukrainian military but he has now seen the light that they (The Ukrainian people) are ready to die for their freedom and nation..

And whatever plans he has to limit the damage of Western Sanctions would be continually blocked by the West...

A meeting was held today to evaluate the effectiveness of the sanctions against Putin's Russia and to add more if necessary...

No matter the outcome of this war, Putin's Russia would never be the same again.

It would be subservient to China for a long time...

Mooh247:

Propaganda debt defualt

Someone owes you money... You freeze his bank account , he offers you alternative of paying cash through his currency you said NO, he offers to pay using another banking platform from China you still said NO

They don't need their money if they do, they won't hesitate to receive their payment and drop propaganda sanctions

All these explanation. Anyway, default has happened.


Ps: - 83%

Some should please show me Putin's face the man go done add wieght Sha!!!