During a rare press conference in Moscow, Russian aluminium magnate Deripaska reacts to the news that the ratings agency Moody's confirmed that Russia defaulted on its foreign debt for the first time in a century, after bond-holders did not receive $100 million in interest payments. Deripaska claims the default will have no influence on the Russian economy "in these conditions". The historic default follows a series of unprecedented Western sanctions that have increasingly isolated Russia from the global financial system following its special military operation in Ukraine. IMAGES AND SOUNDBITES