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. Last Updated: 07/27/2016

No Default Declared

The Wednesday deadline for the London Club to declare Russia in default for missing a payment on Soviet-era debt passed without a word from creditors.

Russia missed the payment of $850 million in cash and interest June 2 and immediately proposed restructuring it.

"The London Club mechanism works in a way that if creditors do not respond to borrower's request to postpone payment in two weeks, the default is not declared," Finance Minister Mikhail Kasyanov said last week.

As such, the silence from London on Wednesday could be interpreted as acceptance of Russia's restructuring plan.