“Russia has defaulted on its external debt for the first time in a century after confirming that bondholders have not received $100 million in interest payments,” Moody’s said in a statement. And she expected that “additional defaults would be made on future pay stubs.”

On the other hand, the Russian Ministry of Finance had previously announced that “Russian sovereign Eurobond payments have been paid in full” and Moscow accused foreign financial intermediaries of withholding funds and asked bondholders to “speak directly to those withholding payments.” .”.

“The payments were made in accordance with the terms of the issue, which indicate that the failure of investors to receive funds as a result of the action of a third party is not considered a default,” the ministry said in a statement.

He confirmed that on May 20 last year he paid payments on Russian Eurobonds maturing in 2026 in the amount of $71.25 million and payments on Eurobonds maturing in 2036 in the amount of EUR 26.5 million, and indicated that after that “payments were timely transferred to everyone From holders of Russian Eurobonds who registered their rights to them in the Russian accounting infrastructure, as well as to foreign financial intermediaries, including in the international settlement and clearing system (Euroclear), on May 24 for payment in US dollars, and on May 25 the same for payment in euros, for subsequent transfer to the clients of this organization.

Notably, in April last year, Russia was prevented from repaying dollar debt from its U.S. bank accounts, including a $300 billion freeze on international reserves, and comprehensive Western sanctions imposed on Moscow over the war in Ukraine that isolated Russia. from the financial system.