This misleading statement from Olga Kovitidi, a senator representing Crimea in the Federation Council, the upper chamber of Russia's parliament, is typical:
In fact, analysts say Russia’s debt default is a symptom of isolation and disruption under the sanctions that will hurt the country’s credit rating, market access and finance costs for years to come. Not only that, but the ruble is no longer a reserve or freely convertible currency, a stinging blow.
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