Flash call: Russian sovereign default – Impact and implications

Following the war in Ukraine and the escalation of sanctions against Russia, there have been growing concerns that Russia will default on its sovereign debt. According to the ISDA Credit Derivatives Determinations Committee, that has now occurred as a result of Russia’s failure to pay $1.9m of accrued interest under its 4.5% 2022 sovereign bonds. By this measure, the State now stands in technical default.

In this 30-minute flash call, Simmons & Simmons and Seward & Kissel consider the implications of this sovereign default for bondholders and the wider implications for the credit derivative swap market.

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Key contacts

Simmons & Simmons
James Grand, Partner
Basil Woodd-Walker, Counsel
Tom Bowen, Supervising Associate

Seward & Kissel
Bruce Paulsen, Partner
Brian Maloney, Counsel

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