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Russia has plenty of money to make payments on its foreign debts ($40 billion), but the US government—for propaganda purposes—is trying to make it look like Russia is running out of money. So US policy is to cut Russia off from the payment system, making it impossible to transfer debt payments (in euros and dollars) through the banks to its western creditors.
Russia is saying that as a last resort, it will pay in rubles. If it has to do so, it will say that it has satisfied its debt payments. The US will claim that it defaulted, because it was supposed to pay in euros or dollars but were prevented from doing so. It’s all a big game.
Get a more complete analysis here:
https://www.youtube.com/watch?v=ArLlAXYAchI