On June 1 the Credit Derivatives Determinations Committees (CD | RussiaGate #Digest

On June 1 the Credit Derivatives Determinations Committees (CDDC) of the International Swaps and Derivatives Association (ISDA) ruled that said a “failure-to-pay” event occurred on Russian credit-default swaps.

This is the first default event on Russian sovereign debt since the one that followed the 1917 Revolution.

Russia hasn't paid the interest it owed. This ruling of CDDC can trigger massive credit swaps. The default has occured.