Why Russia’s economy isn’t sinking yet

STORY: The U.S. says Moscow has defaulted on foreign bonds

for the first time since the Bolshevik revolution

Sanctions have cut Russia off from the global financial system

But its $1.8 trillion economy has been remarkably resilient

The rouble is still the world’s strongest currency

against the U.S. dollar year-to-date

Russia may be selling oil at big discounts due to sanctions,

but high prices still provide a trillion-dollar-a-year cushion

Key interest rates were cut to 9.5% on June 10

after being hiked to 20% following the invasion

There's still food in Moscow, with no sign of the panic buying seen in past crises

Unemployment hit a record low of 4% in April, with big companies yet to cut staff

For its part, the Kremlin says there has been no default

And that it can pay but the West is preventing it