Russia is expected to default on its international debts for the first time in 100 years this Sunday, after time runs out for Moscow to pay roughly $100 million to creditors.

Russia narrowly missed defaulting in April, but now it will suffer a symbolic defeat as a 30-day grace period on coupon payments that were due last month will lapse. The default was made inevitable once the US Office of Asset Control removed an exemption which allowed US bond holders to take payments from Russia, leaving the nation no way to pay those creditors.

This will likely shut Western credit markets to Russia, even though Russia has the money to pay and is willing to do so. Russia has responded angrily, noting the default has been entirely engineered by Washington, but to creditors who lent Russia money and now have no way to be repaid, it will make little difference how their lost money occurred. Russia’s finance minister, Anton Siluanov, called the situation a “farce.”

There is a possibility the situation could become more damaging if this contagion spreads to corporate bonds.