Seven Taiwan insurers fails to collect $100m interest on Russian bond

This is the first time Russia has defaulted on its international bonds.

Taiwan’s Financial Supervisory Commission announced that seven Taiwanese insurance companies have not received interest due on 27 May on Russian Eurobonds after a grace period ended on Sunday evening.

The interest totals $100m on two bonds, one denominated in US dollars and another in euros This was due on 27 May with a grace period of 30 days which expired on 26 June.

Previously, Taiwan’s financial regulator has said that the conflict between Russia and Ukraine will expose the country to financial risks as high as $8.2b (NT$229.171b).