As a result of Russia’s sanctions, access to its foreign exchange reserves was blocked.

For the first time in more than a century, Russia has failed to pay interest on its foreign debt, according to S&P Global, which tracks the creditworthiness of governments and private firms in various parts of the world.

S&P Global announced a technical default after Russia, which was blocked from accessing its foreign exchange reserves as a result of sanctions, paid its debt in the amount of $ 649 million in rubles.

The interest payment had to be made before April 4. Russia made the calculation, but in rubles.

As a result, on Monday, S&P Global said that payment in rubles could not be counted because it was specifically stipulated in the contracts that payments would be made in U.S. dollars.

Technically, there is a 30-day “grace period” that gives Russia the opportunity to make the necessary payments before the first of May and thus avoid a formal default.

However, S&P Global noted that due to the sanctions, which will only get tougher, it does not expect that Russia will not be able to make payments in May.