Info via Dow Jones / Market Watch on Russia facing a Sunday night deadline to meet a 30-day grace period on interest payments originally due May 27.

  • “While there is a possibility that some magic could occur” and Russia gets the money through financial institutions to bondholders despite sanctions, “nobody’s making that bet,” said Jay S. Auslander, a top sovereign debt lawyer at the firm of Wilk Auslander in New York. “The overwhelming probability is they won’t be able to because no bank is going to move the money.”

Referring to the U.S. Treasury Department last month moving to end Russia’s ability to pay its debt back to international investors through American banks.

Russia calls any default artificial because it has the money to pay its debts but says sanctions have frozen its foreign currency reserves held abroad.

putin 11 May 2022