From the POV of people in Russia suspending access to international reserves is the West defaulting on its sovereign debt. Those were liabilities owned and owed to the Russians.

The West expects to get away with it, why not Russia?

And of course with all this defaulting on liabilities going on, those other countries in debt to the West are looking on to see what happens.

The answer will be less than most fear. As is usual in these situations the fear is a greater behaviour control than the reality.