The price of Russian government bonds plunged in the European bond market on February 28. This is because Western countries have initiated unprecedented large-scale sanctions against Russia for its military invasion of Ukraine, and concerns are deepening over Russia's ability to repay its debt due to the disruption of its economy and business activities. The country can no longer rely on the creditworthiness of its foreign exchange reserves, which had been accumulated through the export of its rich natural resources, and financial markets have begun to factor in the risk of a debt default.

Nihon Keizai Shimbun