A Russian default on its sovereign debts is no longer an “improbable event” after Western sanctions, the head of the International Monetary Fund (IMF) Kristalina Georgieva said March 13. “In terms of servicing debt obligations, I can say that no longer we think of Russian default as improbable event,” Georgieva said on CBS’s “Face the Nation.” “Russia has the money to service its debt, but cannot access it,” Georgieva said, noting that sanctions imposed by the West against Russia have already had a “quite severe” impact on its economy. “We expect a deep recession in Russia, and this abrupt contraction is affecting already how the Russian population is taking the heat on them. The ruble depreciated significantly. What does it mean? Real incomes have shrunk. Purchasing power of the Russian population has significantly diminished,” the IMF chief said. Russian Finance Minister Anton Siluanov told state-run media March 13 that around $300 billion of Russia’s foreign exchange and holdings have …