On 3 September, 2024, Ukraine announced that it successfully concluded the restructuring of approximately US$20.5 billion of Ukraine's international bonds and the sovereign-guaranteed debt obligations of the State Agency for...more
New York State lawmakers this week proposed a revised champerty and sovereign debt bill (Senate Bill S5623/Assembly Bill A5290) that now includes changes to the current rate of interest provided by the New York Civil Practice...more
The New York State Legislature recently proposed a bill, entitled the Sovereign Debt Stability Act, intended to facilitate sovereign debt restructuring. The bill, which could be brought to a vote as soon as May or June 2024,...more
Since 2021, the New York Legislature has considered a number of draft bills aimed at facilitating sovereign debt restructurings and helping distressed sovereign debtors obtain the debt relief they require. While the draft...more
In 2023, the economies of some nations stagnated, but developing economies particularly struggled. As a new year commences, some of these countries will continue their efforts at restructuring their debts—a process that has...more
Sovereign debt restructurings are complex processes that involve negotiations with a sovereign’s creditors to alter the terms of existing debt, aiming to restore fiscal sustainability and ensure long-term economic stability....more
This year my friend was invited to participate in a poker tournament in Las Vegas. Knowing nothing about poker, she hired a professional player to teach her. Over several evenings, he trained her and taught the rest of us in...more
Legislators in the State of New York (NY), whose law governs many sovereign debt contracts, introduced three general categories of bills related to sovereign debt restructurings. The first is intended to provide support under...more
The ongoing debt ceiling negotiations are approaching the “X Date” with little certainty of a resolution. The X Date, the date on which the U.S. Government runs out of money to pay all of its bills, is estimated to be June 1....more
Foreign states formally recognised by the UK government have unlimited capacity, the UK Supreme Court has confirmed, in a significant decision in long running litigation between a trustee for Eurobonds (held by Russia) and...more
Climate factors' impact on a debtor's ability to honor its obligations has been recognized for over 4,000 years. It was the Code of Hammurabi in Mesopotamia that first mandated a deferral of principal repayment and...more
Economic sanctions against Russia as a result of the invasion of Ukraine have had a broad impact on the global economy and have raised the question of whether Russia will be able to meet its obligations on foreign denominated...more
In the months since Russia commenced “special military operations” in late February of this year, much of the world has watched Russia’s full-scale invasion of Eastern Ukraine with horror. As that invasion has dragged on...more
Our Financial Services & Products Group provides background on how Russia defaulted on its eurobonds and discusses the implications for Russian bond and credit default swap positions....more
Russian President Vladimir Putin signed Decree No. 394 on June 22, establishing the new mechanism for settlements under the sovereign bonds of the Russian Federation denominated in foreign currency (Eurobonds)....more
The Week in Review delivers information and analysis on recent developments related to sanctions against Russia and key implications for the public, private, and non-profit sectors as the United States (U.S.), the European...more
Economic ripples of Russia’s invasion of Ukraine will permeate the financial, energy, retail, and agricultural sectors, among others. (A link to a related King & Spalding webinar is located here.) While the full effects of...more
Originally Published: February 25, 2022 – Updated: April 18, 2022 - U.S. economic sanctions against Russian interests continue to build in response to the developing situation between the Russian Federation and Ukraine. ...more
On April 11, 2022, the EMEA Credit Derivatives Determinations Committee (CDDC) determined that the state-owned Russian Railways is in default on a missed bond payment. Russian Railways tried to make the interest payment due...more
Authored by our Global Sanctions Team In early April 2022, the US imposed additional sanctions and export-controls restrictions on Russia. The restrictions include a new Executive Order prohibiting new investment in the...more
Originally Published: February 25, 2022 – Updated: March 25, 2022 - U.S. economic sanctions against Russian interests have been building in response to the developing situation between the Russian Federation and Ukraine. ...more
Originally Published: February 25, 2022 – Updated: March 8, 2022 U.S. economic sanctions against Russian interests have been building in response to the developing situation between the Russian Federation and Ukraine....more
In response to the Russian Federation’s invasion of Ukraine in February 2022, the U.S., U.K., and EU have implemented sweeping coordinated economic sanctions and export control restrictions targeting key industries, entities,...more
On February 21, 2022, Russian President Vladimir Putin unilaterally recognized the Luhansk and Donetsk regions in Eastern Ukraine (Covered Regions) as independent states. Thereafter, Mr. Putin authorized a full-scale invasion...more