[Image source = Reuters Yonhap News] Fitch, one of the worlds three largest credit rating agencies, warned on the 16th (local time) that interest payments on Russias foreign currency government bonds would default if interest was paid in rubles rather than dollars, one day before the interest payment date. According to Bloomberg News on the 15th, Russia will have to pay $117 million in interest on the government bonds on the 16th. The interest payment is Russias first foreign currency repayment after sanctions from Western countries were imposed on Russias air strikes on Ukraine. Fitch said on the 16th that if Russia repays interest on dollar-denominated government bonds in rubles, it will be considered bankrupt after a grace period of 30 days. There is a 30-day grace period for this interest payment, so we will not declare a default right away, but it is expected to serve as a starting point for determining whether Russia will repay. If Russia defaults due to this, it will be the first foreign currency default since the Bolshevik Revolution of 1917. The warning came because the Russian government said it would pay interest on government bonds and repay them in rubles, saying that half of the reserve was tied up due to Western sanctions. The market believes that Russia will be able to fully pay interest and repay with its foreign currency, but it is unlikely that the Russian government will change its position. International credit rating agencies such as Fitch, Moodys, and S&P have lowered Russias credit rating to the stage right before default and are closely monitoring the situation.