The creditor does not care whether the payment default is a consequence of over-indebtedness or has technical causes.

In both cases, his demands are not met and he is threatened with a loss.

Russia's default has clearly political causes.

The country would be able to service its manageable foreign currency loans.

Every week, President Vladimir Putin earns billions of dollars from energy exports.

However, the sanctions imposed by the West make it impossible to serve creditors abroad with the appropriate foreign currency.

The punitive measures taken by the United States and the EU are the reason for the default.

It was preceded by political bankruptcy when Russia invaded Ukraine.

With his brutal war of aggression, Putin has largely isolated Russia internationally and made himself dependent on China.

This undesirable political development is associated with economic risks, as the sanctions show.

Investors open to investing in what are considered high-growth emerging markets need to be aware of this.

Russia's default comes at the end of a long series of political grievances and represents their economic consequence. The default must now be followed by a declaration of bankruptcy: that of Putin's regime.

To end isolation, Russia needs a fresh start without Putin.