Ah NO. Russian debt is not that big in the grand scheme of things.
“Russian debt is not that big in the grand scheme of things.”
That is a true statement.
The problem is it may not matter—the financial system is an incredibly complex house of cards—it will not take much for chaos theory to kick in....
To be precise, Russian debt is ~$57 billion vs $640 billion in reserves.
The article is a bunch of baloney. If there is a “default” it would be purely technical due to blocking of the transactions by sanctions. Debt holders need to sue their governments for slapping sanctions to start with.