Such data is quoted by RBC based on Cbonds data. The publication notes that such issuers most often experienced difficulties with payments on digital financial assets.
In January-March 2026, 157 credit events were recorded on the Russian market of bonds and digital financial assets (DFAs, certifying the right of monetary claim, also called quasi-bonds) against 54 in the same period last year, RBC specifies. And explains that according to Cbonds methodology, credit events include technical defaults (money is paid but not within the established terms) and actual defaults (money is not paid at all), as well as restructurings.
One of the main reasons for the growing number of defaults, the experts interviewed by RBC called the high key rate: until June 2025 it was 21% per annum, then the Central Bank moved to reduce it, now the rate is 15%. But despite the easing of monetary conditions, 2026 will not be an easy year for bond issuers, who will have to pay at least RUB 4 trillion to investors.
The Bank of Russia also drew attention to the problem of defaults in the CFA segment. They attributed it to the fact that there is no unified scheme for repayment of bad debts for such assets.
The updated regulation of CFA is enshrined in the draft law “On Digital Currency and Digital Rights”, which was submitted to the State Duma on April 1 this year, RBC notes. The same document also proposes regulation of the cryptocurrency market in Russia. The authors of the bill proposed to separate debt CFAs into a separate category and bring them closer to classical bonds in terms of regulation.
