# june 28, 2022 - Russia default
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## [Forced sovereign debt defaults](https://www.ft.com/content/75da5a01-12e6-42ae-abea-3fa7a3cc1647)
**The US Treasury might have made a mistake in its eagerness** to trigger a Russian default
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- grace period expired for two bonds - june 26
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https://www.bloomberg.com/news/articles/2022-06-26/russia-defaults-on-foreign-debt-for-first-time-since-1918#xj4y7vzkg
https://uk.investing.com/news/economy/a-default-when-flush-with-cash-five-signs-russia-aint-sinking-yet-2676244
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- legal
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https://www.kirkland.com/-/media/publications/alert/2022/04/kirkland-alert--spotlight-on-russia-credit-default.pdf?la=en
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## sovereign immunity
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- https://www.creditslips.org/creditslips/2022/03/are-russian-sovereign-bonds-now-worthless.html
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## CDS auction
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- https://www.risk.net/derivatives/7950281/cds-market-mulls-settlement-options-for-russia-contracts
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- https://www.msci.com/www/blog-posts/sanctions-bring-a-new-form-of/03149633711
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Alternatively, holders of the CDS may need to rely on the outcomes of dealer polls. This could result in multiple recovery rates and lead to losses for market makers or investors who thought they were hedged with offsetting positions
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# Parents
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* Markets and UR war⏎