US Poised to Fully Block Russian Debt Payments

Bloomberg reports that the US Treasury may soon block Russia's ability to pay US bondholders, potentially pushing Russia closer to defaulting on its debt. While the Treasury has not made a final decision, there is significant debate about the consequences of such a move. Russia's finance minister claims they can still pay their debts using rubles, but this raises questions about the definition of default. The Treasury is expected to let a temporary exemption lapse, complicating Russia's debt payments.

What are the implications of Russia potentially defaulting on its debt?

What is expected to happen to the temporary exemption regarding Russia's debt payments?