re: Update pg 23: Russia,IMO, will default on its sovereign debt within six months

I don't know what American institutions have exposure to Russian sovereign debt. I've read that European banks have the largest exposure but that doesn't mean US banks are without risk.

Regarding your question about there being some truth that the international sanctions have caused the Russian financial mess, yes, that is true.

But what Putin won't say is the sanctions were initiated as a response to his aggression against Ukraine. I would be very surprised if the average Russian citizen knows why the sanctions were put in place because of Putin's control over the Russian media.