""Default might not crash Russian markets and the economy immediately but will have devastating longer term consequences," he said, adding that investment, growth and living standards will be affected.". How? Are the EU banks going to Russia to repossess a building or a highway? The implication is that they won't have favorable access to the International banking system. They don't now. The only lose here is the EU branch of the Rothschild bank. The more the sanctions don't work, the more the rest of the world sees that they don't have to pay back their debt to this evil private corporation.