While the West has made very clear it will not do anything that could be construed as joining in firefights against nuclear-armed Russia, its economic blockade and sanctions of an unprecedented scale are clearly having an effect. | Analysis
When the Communists and Vladimir Lenin took over Russia in 1917, they repudiated old czarist debts and the country defaulted on its foreign obligations -- the largest sovereign default in history.
Now, with much of the world economy repudiating Russia after Vladimir Putin's invaders stormed into Ukraine, the country is again on the cusp of a default on its foreign obligations.While the West has made very clear it will not do anything that could be construed as joining in firefights against nuclear-armed Russia, its economic blockade and sanctions of an unprecedented scale are clearly having an effect.
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