September 26, 2022

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Russian Railways has declared bankruptcy.  They failed to pay the interest on their bonds

Russian Railways has declared bankruptcy. They failed to pay the interest on their bonds

The Committee on Credit Derivatives Arrangements (CDDC – ed.) found the Russian Railways to be insolvent. The decision was made after the state-owned carrier failed to pay interest on the bonds due on March 14. CDDC is an organization for derivatives market participants.

The bonds for which RŻD did not pay interest were issued in Swiss francs to finance a loan to the company. Its maturity is 2026. Non-payment of interest is an effect Sanctions on the Russian financial sector.

Institutions such as Bank of America, Goldman Sachs, JPMorgan Chase.

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