Abstract

This Article is the first comprehensive, multi-disciplinary analysis of Russia’s sovereign debt and the consequences of a potential default.

[...]

This Article introduces a Russian debt taxonomy divided into four distinctive categories. Starting with relatively standard terms in late-1990s vintage bonds, over time and as a close function of geo-political developments, the contracts grew unusual—bordering towards lawless.

[...]

The rest of this Article is organized in four parts. Part II provides critical background regarding Russia’s sovereign debt and details key legal provisions likely implicated in the event of a default. Part III discusses how, due to the complex interplay between global sanctions and Russia’s sovereign debt, policy measures have pushed Russia towards default. Part IV analyzes the unprecedented legal challenges implicated by Russian default, including determining its obligations, contractual remedies, and challenges in resolution. Part V focuses on broader implications, including with respect to future sanctions regimes and potential legal conflict between bond investors and Ukraine over Russian assets, which this Article posits imperatively necessitates legislative action to prevent a morally unacceptable outcome.

This abstract has been taken from the author's introduction.

Document Type

Article

Publication Date

2023

Publication Information

60 San Diego Law Review 107-166 (2023)

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