Russia disputed that it had defaulted on the debt. Dmitry Peskov, a Kremlin spokesman, said it had made payments due in May, and that it was blocked by Euroclear because sanctions was not our problem. Russia wants to pay, but he denied that it was a genuine default, which usually occurs when governments refuse to pay or their economies are so weak that they can't find the money.
He said that Russia could certainly face immediate debt repayment of around $20 bn if you default on one and there will be early repayment clauses in all debt instruments, so there will be early repayment clauses in all debt instruments.
Russia's last debt default was in 1998 as the country was rocked by the rouble crisis during the chaotic end of Boris Yeltsin's regime. Moscow failed to keep up payments on its domestic bonds and defaulted on some overseas debt at the time.