A Russian government default on its international debts would be the first time in 100 years after time runs out for Moscow.

This little dictator has responded angrily to the situation, claiming the default has been engineered by Washington. It has insisted it is willing and able to pay. So he better put up, or shut up.

Russia's Central Bank no longer has access to around $300 billion of the country's total reserves of about $640 billion. The Russian government used U.S.-held reserves to make coupon payments on dollar-denominated debt on a case-by-case basis.

The leaders of the G7 wealthy nations mocked the macho image of their absent adversary Vladimir Putin at a meeting in Germany dominated by communist Russia's invasion of Ukraine.

As the besuited leaders sat down for their first meeting of the three-day G7 summit in the sweltering Bavarian Alps, British Prime Minister Boris Johnson asked if their jackets should come off - or if they should even disrobe further?

Russia is poised to default on its international debts for the first time in a century after time runs out for Moscow to make about $100m of overdue payments.

After narrowly swerving a default in April, Vladimir Putin faces a symbolic blow after failing to pay international creditors in time.

A 30-day grace period on coupon payments due last month will run out this weekend.

The community dictator has bigger problems besides making about $100m of overdue payments. After narrowly swerving a default in April, Vladimir Putin faces a symbolic blow after failing to pay international creditors in time.

Meanwhile, some say his time is slowly running out as he faces his maker where he will have lots of explaining to do. His health problems and mystery illness could see him dead sooner or later.