Cartoon: Russia’s Credibility Cracks

Russia has defaulted on its debt owed to the U.S. and other foreign nations, mainly because of its sanctions over the Ukraine conflict. Partially due to its insistence to pay in rubles (the value of which has fluctuated dramatically within the past several months) and to the U.S. freezing $315 billion worth of its foreign currency reserves, Russia has now virtually destroyed the little chance it had of retaining the ability to obtain loans from foreign, mainly Western, banking institutions. (Tymofiy Kornyeyev)