International Monetary Fund Managing Director Kristalina Georgieva warned that a default in Russia is possible. “Unprecedented sanctions imposed on Russia have pushed the country into recession. Our assessment is that it would be a deep recession,” she told CNBC. “As for default, no longer is this an improbable event.” She further declared that she “would not speculate how probable” a default is. In her opinion, the possibility of a default depends on two factors: How long the anti-Russian sanctions remain in place and whether Russia will have an opportunity to repay its debts. “None of this is clear at this point.”