Russian default on debts no longer ‘improbable’, says IMF head

Fund says a default from Russia after sanctions over its invasion of Ukraine would not trigger a global financial crisis

A Russian default on its debts after western sanctions over its invasion of Ukraine is no longer improbable", but would not trigger a global financial crisis, the head of the International Monetary Fund said on Sunday.

The Washington-based fund's managing director, Kristalina Georgieva, said the sanctions imposed by the United States and other nations were already having a severe" impact on the Russian economy and would trigger a deep recession there this year. The war in Ukraine will also drive up food and energy prices, leading to hunger in Africa, she added.