2022 Russian debt default

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Russia defaulted on part of its foreign currency denominated debt on 27 June 2022, because of funds being stuck in Euroclear.^[1] This was its first such default since 1918, back then it was just ruble-denominated bonds, not foreign currency debt.^[2][3] Before that, on 2 June, Russia defaulted on the 30-day interest, incorrectly not counting interest for the grace period,^[4] but a failure to pay $1.9 million was not sufficient to trigger a cross-default across other instruments, because the minimum threshold is an amount of at least $75 million, according to documents for other Russian eurobonds.^[5] The default occurred due to technicalities as the payment in dollars was impossible due to the sanctions by US and EU authorities,^[6] but did not mark an actual lack of capability to pay its debts.