The International Monetary Fund joined a growing chorus that’s warning of a risk that Russia will default on debt obligations following its invasion of Ukraine. A Russian default is no longer “an improbable event,” IMF Managing Director Kristalina Georgieva told reporters Thursday. “It’s not that Russia doesn’t have money, Russia cannot use this money,” she said, adding that unprecedented sanctions against the nation will make it difficult for the country to convert its IMF reserve assets, known as special drawing rights, into currency. Fitch Ratings this week said a bond default by Russia is “imminent” as a result of measures ushered in since the war broke out. Trading on credit-default swaps, used to insure against non-payment, has skyrocketed and suggest that there’s a 71% chance of default within a year and 81% within five years. Investors and traders have been trying understand whether credit-default swaps could be settled if […]