The probability of Russia defaulting after April 4 has increased to a practically fait accompli, as the Russian Ministry of Finance has already announced the early redemption of bonds of external bonded loans in rubles instead of dollars.

" in the currency of the Russian Federation at the official exchange rate of the Bank of Russia,"

Thus, the failure to pay USD debt on April 4 will trigger a grace period of 30 days, after which a default will set in, cutting off Russia, already cut off from financial markets, until the completion of lawsuits and payments..

Recall that the pre-default situation in Russia had already developed as of March 16, when previous payments on external debt obligations were made. Given the sanctions, experts expressed doubts that the Russian Federation would be able to make these payments in dollars.. However, at the last moment, Russia found the necessary amount and made payments in dollars..

At the same time, experts postpone the country's possible default to April 4, calling future payments unlikely.. The difference of the situation from March 16 is that Russia has already officially announced that it will not pay in dollars.