2022-04-13, 10:55 AM
Lại default rồi. 
Russian Railways becomes first company to officially default in the country, as Western sanctions jam the financial system
A global financial committee has ruled Russian Railways has tumbled into default after the company failed to make interest payments on $268 million of bonds, due to Western sanctions that have stymied Russia's access to the global financial system.
The European section of the Credit Derivatives Determinations Committee ruled on Monday that the state-owned company had failed to make interest payments on the bonds due on March 14.
It made Russian Railways the first official corporate default in the country since the invasion of Ukraine began in late February.
The CDDC is a committee of financial institutions who meet to decide whether a company has defaulted. A ruling from the committee is a key step in allowing investors in credit-default swaps — contracts that act as insurance against defaults — to receive payouts.
Despite the ruling, Russian Railways argued in a statement on Tuesday that it had fulfilled its obligations on the Swiss franc bond worth $268 million, as it had tried to pay but had been blocked due to sanctions, Bloomberg reported.
The ability of Russia's companies and its government to pay their foreign-currency debts has been seriously curtailed by Western sanctions put in place after Vladimir Putin's invasion of Ukraine on February 24.
The US and its allies have frozen the central bank out of the bulk of its roughly $600 billion of foreign currency reserves and directly sanctioned companies, including Russian Railways.
Last week, the US Treasury blocked the government from making dollar debt payments using accounts at American banks, further freezing the two countries' financial relationship.
Đọc thêm:
https://markets.businessinsider.com/news...uW_HDNIEHk
Russian Railways becomes first company to officially default in the country, as Western sanctions jam the financial system
A global financial committee has ruled Russian Railways has tumbled into default after the company failed to make interest payments on $268 million of bonds, due to Western sanctions that have stymied Russia's access to the global financial system.
The European section of the Credit Derivatives Determinations Committee ruled on Monday that the state-owned company had failed to make interest payments on the bonds due on March 14.
It made Russian Railways the first official corporate default in the country since the invasion of Ukraine began in late February.
The CDDC is a committee of financial institutions who meet to decide whether a company has defaulted. A ruling from the committee is a key step in allowing investors in credit-default swaps — contracts that act as insurance against defaults — to receive payouts.
Despite the ruling, Russian Railways argued in a statement on Tuesday that it had fulfilled its obligations on the Swiss franc bond worth $268 million, as it had tried to pay but had been blocked due to sanctions, Bloomberg reported.
The ability of Russia's companies and its government to pay their foreign-currency debts has been seriously curtailed by Western sanctions put in place after Vladimir Putin's invasion of Ukraine on February 24.
The US and its allies have frozen the central bank out of the bulk of its roughly $600 billion of foreign currency reserves and directly sanctioned companies, including Russian Railways.
Last week, the US Treasury blocked the government from making dollar debt payments using accounts at American banks, further freezing the two countries' financial relationship.
Đọc thêm:
https://markets.businessinsider.com/news...uW_HDNIEHk
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-CT-
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Đời vô thường giả tạm hư không
Ngũ uẩn: “Sắc bất dị không”
An nhiên tự tại cho lòng thảnh thơi.
-CT-
願得一心人,
白頭不相離.