Since the invasion began, the scale and rapidity of geopolitical shifts have been astonishing. Already:

— Richard Fontaine (@RHFontaine) February 28, 2022

With dollar prices plummeting to the 40s, the yield on this Russian external bond has exploded reflecting a higher probability of non-payment by the government.
Yet even this elevated level doesn't capture fully the significant increase in the risk of default to creditors. pic.twitter.com/dCP8i7Uk4L

— Mohamed A. El-Erian (@elerianm) March 1, 2022