The United States will not extend a key waiver, which is set to expire on Wednesday and allows russia to make payments to US bondholders, reports European Pravda, citing Reuters.
On Tuesday, the US Treasury Department said it would not renew the license, which expires at 12:01 ET (04:01 GMT) on Wednesday.
The waiver allowed russia to make payments on its sovereign debt to US citizens despite sanctions.
It had allowed Moscow to continue to pay interest and principal and prevent default on its public debt.
Lithuania, Latvia, Slovakia and Estonia have called for confiscating frozen russian assets and using them to rebuild Ukraine.
Recently, European Commission President Ursula von der Leyen said that the European Union was looking for ways to use the frozen assets of russian oligarchs to finance Ukraine's post-war reconstruction.