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What does it matter though? At this point it seems entirely irrelevant to me – on two points.
Firstly, this “default” is entirely of the international community’s making. Not saying that the sanctions aren’t justified, but if you tell someone that you won’t accept their money, and then tell them you are going to judge them for not paying them… WTF? Stupid system.
Secondly, the sanctions mean that you are not permitted to invest in Russia from the US – I have no doubt others will follow suit sooner or later. So what impact can this possibly have? If I were them, I’d just default on the lot and say screw it.
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