Putin's panic as Russia faces latest default test with $2 billion bond deadline today


Even following the repurchase this amounts to the biggest default test since Russia invaded Ukraine.

If payment is not made on the due date a 30 day grace period begins in which to pay, after which Russia would be deemed in default.

As the bond is nominated in dollars an attempt to pay in rubles would also be counted as default.

Major asset managers such as BlackRock, Axa, Brandywine and Morgan Stanley Investment Management are reportedly among bond holders waiting on payment.


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