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Russia’s Whipsaw Week Ends With Default Clock Ticking

  • As of Friday, coupon payments had not reached investors
  • Creditor committee meets Tuesday to consider insurance payout
The Spasskaya tower of the Kremlin, center, and Saint Basil's Cathedral, right, in Moscow, Russia

The Spasskaya tower of the Kremlin, center, and Saint Basil's Cathedral, right, in Moscow, Russia

Source: Bloomberg

Russia is back in default countdown, with another bond payment in question and the Kremlin fighting to find an escape route.

As of Friday evening, coupon payments in euros and dollars worth about $100 million hadn’t landed in investors’ accounts, kicking off a 30-day grace period.