IMF: Russian default no longer 'improbable', but no trigger for global financial crisis

The sanctions were also limiting Russia's ability to access its resources and service its debts, which meant a default was no longer viewed as "improbable," Georgieva said. Asked if such a default could trigger a financial crisis around the world, she said, "For now, no."

WASHINGTON: Russia may default on its debts in the wake of unprecedented sanctions over its invasion of Ukraine, but that would not trigger a global financial crisis, International Monetary Fund Managing Director Kristalina Georgieva said on Sunday.

Georgieva told CBS's "Face the Nation" program that sanctions imposed by the United States and other democracies were already having a "severe" impact on the Russian economy and would trigger a deep recession there this year.