Russia has accused the West of trying to drive the country into an artificial default.
A waiver allowing Russia to still make bond payments despite Western sanctions expired today, leaving Moscow exposed to a looming default.
Andrew Jacobson, sanctions attorney at Seward & Kissel, told Newsweek that banning Russia from using U.S. reserves "escalates the possibility of default."
Sanctions on Russia after its invasion of Ukraine may have catastrophic consequences for the country's economy.
Treasury Secretary Jenet Yellen warned a debt default would be catastrophic could push the country into a recession.
"It's one thing to say that the problem is controllable, it's another to control it," said Logan Wright of the Rhodium Group.
The Senate is scheduled to vote Wednesday on whether to take up a bill to suspend the debt limit.
The Utah senator's comments come during a stand-off with Democrats over an unprecedented U.S. default.
Treasury Secretary Janet Yellen warned Congress that "our country would likely face a financial crisis and economic recession" if the debt ceiling isn't raised.
Gianluigi Nuzzi's new book, Universal Judgment, asserts that the Vatican will default by 2023. The Vatican has denied these claims, despite recent financial scandals.
The bipartisan bill pushes back against states that suspend the professional licenses of workers who can't pay back their student loans.
Employers would become responsible for removing funds from their employees' paychecks and then sending that student loan money on to the government, similar to a tax.
Deutsche Bank officials were reportedly worried that Trump defaulting as president would make seizing his assets a more complicated task.
The former overseer of the $1.5 trillion U.S. student loan market for the Trump administration said the federal government helped lenders go after delinquent borrowers.
U.S. sanctions have presented a greater obstacle for Venezuela's ability to pay its debts.
Trump's suggestion about defaulting on the U.S. debt would cause a global financial crisis.
The court will decide whether a 2014 law known as the Recovery Act conflicts with U.S. federal bankruptcy law.
The country warned that its deteriorating finances could trigger future defaults.
The missed payment marks the first default by the commonwealth.
As time runs out for Argentina to pay bondholders, affected elderly pensioners wait with baited breath.