It is unclear how much impact economic penalties would have on the Russian government, since they already face various sanctions imposed by the previous administration.
Despite unprecedented sanctions, Russia's economy is still functioning and it's still attacking Ukraine. That's led to questions about whether the sanctions are effective.
Plans take effect next week that would ban most Russian oil imports from Europe and put a price cap on the oil going elsewhere. But Russia could still make money off oil to fund its war in Ukraine.
The clock ran out on Russia's payments. But there's a twist: Russia does not consider itself in default because the country has the money, just its payments have been blocked by Western sanctions.
The company first arrived in Russia in 1851 to deliver devices for a major telegraph line. It primarily does maintenance work on high-speed trains these days — though it's now winding down operations.
