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Fears of first Russian debt default for a century as interest payments deadline missed

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Russia has reportedly missed a Sunday night deadline to pay interest payments, raising the prospect that it might default on its foreign debt for the first time since the 1917 Bolshevik Revolution.Such a move would further alienate the country from the global financial system amid its war in Ukraine.Some Taiwanese holders of Russian Eurobonds have not received interest due on May 27 after a grace period expired on Sunday evening, two sources said.

Moscow had been due to make $100 million (€94.6 million) in coupon payments on two Eurobonds.But it could take time to confirm a debt default.Early on Monday markets, however, seemed unfazed.

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