A default in Russia is quite possible against the backdrop of global sanctions that have destroyed its economy, said Managing Director of the International Monetary Fund Kristalina Georgieva.

“Russia has the money to service its debt, but cannot access it," Georgieva said on CBS’s “Face the Nation," as Russia risks defaulting on its debt this week.

Georgieva added that she was most concerned about the consequences of the crisis outside of Russia and Ukraine, especially in terms of neighboring countries that receive a large number of refugees.

She also expressed concern about countries that have not yet recovered from the economic crisis caused by COVID" and countries that are more dependent on energy imports from Russia.

Experts say the fallout could linger long after the end of the war in Ukraine and damage Russia's reputation for decades even if sanctions are eased.