Bonds can be roughly divided into two types: ruble bonds and dollar bonds. For bonds with a face value of rubles, interest income is generally paid in rubles. Due to the sharp depreciation of the ruble, the amount of dollars exchanged is greatly reduced, which will cause losses. For bonds denominated in US dollars, the devaluation of the ruble has increased the pressure on the Russian government and companies to pay interest, and the risk of not paying the principal has also increased accordingly.