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Russian assault on Kyiv and other Ukrainian cities has intensified uncertainty in the world economy. To condemn Putin’s war, western leaders announced some restrictive economic measures to target Russian financial institution and individuals.

The sanctions include: removing some Russian banks from the Swift messaging system for international payments; freezing the assets of Russian companies and oligarchs in western countries; and restricting the Russian central bank from using its US$630 billion (£473 billion) of foreign reserves to undermine the sanctions.

In response to these moves, several ratings agencies have either cut Russia’s credit rating to junk status or signalled that they may do so soon. In other words, they think the prospect of Russia defaulting on its debts is higher than before. According to a group of global banks, a default is “extremely likely”.