(This story was originally published June. 7. On Sunday, the grace period on about $100 million of interest payments due May 27 expired, a deadline considered an event of default if missed.)
Bondholders are in for a tangled mess of financial, political and legal wrangling if sanctions push Russia to a historic default.
So far, Moscow has been able to navigate the restrictions to service its international debt, but that’s likely to change after the US