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📌 Moody's warned the government of Belarus that it considers the payment of the external debt in Belarusian rubles a default.The Ministry of Finance transferred the amount in Belarusian rubles to a special account and offered the paying agent to independently withdraw funds from this account and settle accounts with depositors.After that, the paying agent and registrar of Citigroup and Citibank refused to act as agents for Belarus' Eurobonds.As a result, Fitch downgraded Belarus' long-term issuer default rating in foreign currency to 'C' from 'CCC', as "the payment in national currency is inconsistent with the bond documentation, which does not allow for settlements in alternative currencies."The agency also warned that if payments on Belarus-27 Eurobonds are not made in accordance with the original terms, Fitch will consider this a default.The Ministry of Finance of Belarus stated that it considers the situation a force majeure, and also accused Fitch of being subjective.