Russia is at risk of defaulting on Western creditors, which is a direct result of Western sanctions.
In the case of Argentina, such a process would mean renewed national bankruptcy.
Western creditors have to be prepared for defaults on bonds issued by the Russian state or companies.
Nevertheless, the Kremlin will remain solvent at home.
Such a "technical default" does not cause much concern for the financial markets either.
The Dax was able to recover significantly from the previous day's losses on Wednesday, although the Fitch rating agency lowered Russia's credit rating very close to the level for default.
The country's importance for the western financial markets is too small to cause major upheavals.
Rather, these are threatening via the commodity markets, where the country, as an important supplier of oil, gas and industrial metals, is already causing panic buying and skyrocketing prices.
This can fuel inflation without spurring economic growth.
Such stagflation also puts the central banks in a difficult position because they also stifle the economy with higher interest rates to curb inflation.
But that's the price the West has to pay if it wants to show a clear edge to Russian President Vladimir Putin.