Russia could default on its debt within days

[ProfessorGAC]

22. It's Quite Likely Catastrophic

Defaulting on loan or bond payments is almost certain to have a massive negative effect on their currency.
This means the creditors will progressively get less back if they pay in devolving currency.
It also puts a screeching halt to borrowing & probably drops bond value to junk, but with weak yield.
That traps a lot of their money supply domestically so higher prices and limited cash means substantial inflation.
Foreign investors will have huge difficulty expatriating their investments, and the ruble will be worth practically nothing.
Foreign trade (inflow) dwindles, in a country with a production base too small to adjust.
These things would happen to a much lesser degree here due to the overall scope of the economy.
But, Russia is an economic pipsqueak. Hyperinflation is clearly a possibility.