Some rating agencies and international organizations believe that Russia is on the verge of debt default, but economists point out that Russia's debt default will not cause global contagion effect. Russia will experience a serious recession this year because of the sanctions imposed on it by western governments.

the Russian government is about to usher in many key payment dates. Russia must pay about $117 million in euro bond coupons. Russian Finance Minister Silvianov said on Monday that the Russian Ministry of Finance is prepared to repay some foreign currency debts, and sanctions prevent banks from repaying debts in the issuing currency, and Russia will pay in rubles. War and sanctions will also have a major spillover effect on neighboring countries that rely on Russian energy supply, and the Russian-Ukrainian war has caused a refugee flow equivalent to that during World War II.

sanctions imposed by western countries limit Russia's ability to obtain resources and repay its debts, which means that it is no longer impossible for Russia to default on its debts. But when asked whether such a default would trigger a global financial crisis. The total exposure of global banks to Russia is about $12 billion, which is not insignificant, but? No system association? . Due to the war, the International Monetary Fund will lower its previous forecast of global economic growth of 4.4% in 222, but said that the overall trend of the global economy is still rising.

the United States and other countries have recovered rapidly from the new coronavirus and still have strong economic growth. The most serious impact of the Russian-Ukrainian war is to push up global commodity prices and inflation, which may lead to hunger and food insecurity in some parts of Africa. The defaulting Congress will continue to communicate with the holders to solve the problem so as to raise funds again in the future. Sanctions have frozen a large part of Russia's foreign exchange reserves, weakening the ability of the Russian central bank as a lender of last resort and Russia's credit strength. In order to reduce the resulting high exchange rate and financial market volatility and retain the remaining foreign exchange buffer, the Russian government introduced capital control measures, which restricted non-resident government bondholders from receiving interest and principal payments on time.