Russia rejects debt default claims as "symbolic" as western sanctions bite. But still holds upper hand on oil, gas, wheat and gold.

As western sanctions over the Ukraine war continue to bite, Russia looks set to default on its sovereign debt repayments for the first time since the Bolshevik revolution more than a century ago.

While a Russia debt default might show the sanctions are working, the Kremlin claims it's all symbolic given that they have the money, but can't transfer it because the sanctions won't allow transfers to creditors.

I speak with Tom Oriti on ABC Newsradio