Russia is one step away from default, Bloomberg estimates a concrete date

A 30-day grace period began on Friday evening because coupon payments totaling around $100 million in euros and dollars had not arrived in investors' accounts, Bloomberg reports.

However, the main central securities depository in Moscow published a statement late in the day stating that the monies had been deducted from its account in favor of depositors' accounts. Last week, Russia's leadership stated that payments to the NSD indicate that the country has fulfilled its responsibilities.

All of this came at the end of an eventful week for Russia, which featured an unannounced interest rate cut to combat an overvalued currency and tighter US restrictions that have harmed Russia's ability to service dollar debt.