Russia said that international sanctions on its country have triggered a “force majeure” situation that is forcing it to service its Eurobonds in Rubles to stave off a default. Yesterday, the Russian finance ministry said that it transferred the equivalent of $235mln in interest on notes that mature in 2027 and 2047 to the Russian national settlement depository (NSD). Another $139mln is due to be paid today. But more pressing is a Sunday-night deadline on previous missed payments from late May. Once that grace period is up, Russia will effectively be in its first foreign default since the Bolshevik revolution more than a century ago. According to new regulations passed by Putin, Russia fulfills its debt obligations once paid to the NSD.