Andrew Jacobson, sanctions attorney at Seward & Kissel, told Newsweek that banning Russia from using U.S. reserves 'escalates the possibility of default.'
Russia has enormous foreign reserves, which in February stood at more than $631 billion.
The latest measures force Russia to either drain its dollar reserves, use revenue coming in from energy exports, or default. Russia defaulted on its domestic debt in 1998 when it was plunged into a financial crisis by a collapse in commodity prices which put huge stress on the Russian economy, sinking the ruble and spiking inflation.that a Russian default on its external debt would not be as severe as in 1998 because it is about $40 billion,"which by international standards, isn't really that much.""A larger problem is the Russian equities and private Russian debt held by foreigners.
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