What impact would a Russian debt default have on global markets?

Credit ratings agencies say Russia is on the verge of defaulting on government bonds following its invasion of Ukraine, with billions of dollars owed to foreigners. That prospect recalls memories of a 1998 default by Moscow that helped fuel financial disruption worldwide.

The possibility of default loomed larger after International Monetary Fund Managing Director Kristalina Georgieva recently conceded that a Russian default is no longer an "improbable event."