They are already in default. They say that they will not pay their foreign-currency-denominated obligations in anything other than rubles. That's breach of contract = default.
It's ok you hate Russia and use every post to denigrate the country but many of your statements are factually just plain wrong. A default does not occur when someone says he won't make future payment but when actual payments are not made. Get your facts straight. You have been wrong so many times and that just in the past 2 weeks alone. Not saying you are an idiot but it makes you look like one.
If I borrow $10k USD from you and when I have to replay, I insist on paying you in some random dinars, that is a default effectively. You can't just change the contract one-sided.
Agree but the timing of default is decided on or after the payment date not when the borrower announces something about future payments. At least what concerns the financial terms.
Foreign Russia Bondholders Still Haven't Received March 2nd Coupon. https://www.bloomberg.com/news/arti...russian-bonds-haven-t-received-march-2-coupon This is technical default. They can still step away from it since there is a grace period, but they already defaulted.
So even if they will default who cares? It's a small fraction of Russia's GDP and what else do they have to lose anyway in the western world? The US thinks it can force Russia to its knees this way? Not at the time line the US wishes or imagines.
Last I checked Putin was already on his knees sucking the world's sick. A dick getting bigger by the day.