Russian Railways Ruled in Default as Sanctions Ensnarl Payments

State-owned Russian Railways was declared in default of a bond obligation on Monday, setting the stage for credit insurance payouts on a Russian corporate borrower for the first time since the war in Ukraine began as sanctions impede payments to foreign creditors.

Paying agent UBS AG didn’t receive payment by the end of a grace period last month on a Swiss franc-denominated bond, constituting a failure-to-pay credit event, according to the EMEA Credit Derivatives Determination Committee, a panel of banks and investment firms overseeing credit-default swap contracts.

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