Fitch downgrades Russia’s credit rating amid Ukraine crisis, says default is ‘imminent’ - The Washington Post

…A Russian default could shake the economies of developing market countries — favored by some lenders for their high-yield upside — so profoundly that investors could ditch those venues in favor of safer bets, experts say. That would flood Western markets with capital pulled out of China, India, Brazil and eastern European economies, fueling even higher price inflation...
https://www.washingtonpost.com/business/2022/03/09/fitch-ratings-russia-default-ukraine-sanctions/