Moody’s considered default on two Russian Eurobond issues as default, and a Swiss court found Credit Suisse (SIX:CSGN) guilty of money laundering by drug traffickers – these and other important news for Tuesday morning, June 28, in our daily review.

International rating agency Moody’s reported that Russia defaulted on its Eurobonds. It assessed as defaults the non-payments on two Eurobonds and allowed new defaults – on upcoming coupon payments. Russia earlier refused to consider non-payments to bondholders a default.

U.S. Treasury Secretary Janet Yellen spoke with the head of the Cypriot Finance Ministry, Constantinos Petrides. The U.S. insists that the European Union set price caps on Russian oil and ban its transportation by sea to third countries. Cyprus objects to the ban, Bloomberg reports, citing a source familiar with the content of the negotiations.

The Federal Criminal Court of Switzerland found Credit Suisse, one of the largest banks in the country, guilty of not taking measures against money laundering by a Bulgarian group involved in cocaine trafficking. This is the first criminal trial involving the bank, experts call the decision a watershed for the entire banking industry of the country, reports Reuters.

Russian banks, according to the Central Bank on May 1, placed a record amount of Br7.2 trillion on correspondent accounts in other credit institutions, most of it in the accounts of foreign banks, writes “Kommersant” with reference to the regulator’s report published on June 27. Analysts note that this was possible due to the growth of foreign trade surplus and restrictions on capital exports from Russia.

The Finnish corporation KONE, which specializes in the production of elevators and escalators, has decided to sell its Russian subdivision – KONE Elevators JSC – to the company’s top management. This is reported by RBC with reference to the company’s information.