For the first time since 1918, when the Russian Revolution was entering its second year, the Russian Federation has defaulted on its debts. In a report from several Taiwanese holders of Russian bonds, Vladimir Putin defaulted on Russia’s loans after failing to pay off $100 million in interest. President Joe Biden‘s administration said the default shows the effectiveness of the sanctions by NATO and E.U. countries. “This morning’s news around the finding of Russia’s default, for the first time in more than a century, situates just how strong the reactions are that the U.S., along with allies an…