The relevant decision was made by the government and the National Bank, BelTA reports citing the government's press service.

"Debt obligations on government securities placed on foreign financial markets will be fulfilled in Belarusian rubles at the rate of the National Bank on the date of payment," the press service said.

The government stressed that this decision is a "forced measure", because otherwise the holders of Eurobonds do not receive money on time.

On June 27, Bloomberg reported that for the first time since 1918, Russia had defaulted on sovereign debt in foreign currency through sanctions that made it impossible to pay foreign creditors.

For months, Russia has been finding ways to circumvent the sanctions imposed after the Kremlin's invasion of Ukraine.

But at the end of the day on Sunday, the grace period of interest payments of $ 100 million ended, which is considered a default in case of default.

There will be no official default announcement.

This is usually done by international rating agencies, but they have all suspended operations in Russia, according to Bloomberg.

Bondholders could announce this, but they are still trying to assess the chances of returning all or at least part of their money, the agency writes.

In order for creditors to default, a quarter of bondholders must agree.

This is Russia's first foreign debt default since 1918, when the Bolsheviks renounced the debts of the tsarist regime, Bloomberg writes.