While the conflict between the Russian Federation and Ukraine has received extensive coverage in the past 124 days by the international news media, the economic repercussions for nations outside of the fire zone are still being felt. Russia made its first debt default since the pre-Soviet era in 1918 early this morning, raising concerns about the potential size of the economic fallout.
Default by Default
An ever-stricter sanctions regime has been implemented by Western democratic states since Russian forces initially crossed into Ukrainian territory in late February. due to the banking sector in Russia being cut off from the system that coordinates payments, SWIFT.