What will happen now that Russia is on the verge of a historic financial default?

Russian President Vladimir Putin attends the CSTO summit on the Kremlin in Moscow, Russia  

Russia’s first default since 1998* would complete a staggering turnround

The U.S. has introduced to not lengthen an exemption allowing Moscow to pay international debt to American traders in U.S.

Russia is scheduled to hand investors a total of $117mn in interest payments on two of its bonds

In the occasion of a missed cost, Russia will face a 30-day grace interval earlier than possible being declared in default

Russia has not defaulted on its international foreign money debt because the Bolshevik revolution in 1917

Even then, Russia kept up payments on its dollar bonds, but defaulted on some Soviet-era international bonds