From
<https://www.telegraph.co.uk/business/2022/04/11/ftse-100-markets-live-news-stop-oil-russia-sanctions/>

Russian Railways has been ruled in default on a bond after missing an
interest payment last month in the latest sign that western sanctions are
hammering Moscow.

The decision by the Credit Derivatives Determinations Committee comes after
the state-owned company failed to make a payment to investors and a 10-day
grace period expired.

Contracts insuring the company’s debt against default will be triggered,
and holders will now wait to see how much will be paid.

The move, which is the first time a Russian debt instrument has been
officially classified as defaulted since the invasion began, could set a
precedent for other companies and even the government.

Scrutiny is growing over whether Russia will default on its sovereign bonds
after Moscow made two coupon payments in roubles last week. Both notes have
a 30-day grace period.

If Russia defaults, it will be the first time it's happened since the
Bolshevik Revolution in 1917.