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Aren’t bonds linked to governments, not land? Russia the country can default.

The Kremlin has been saying that if the $300 billion worth of Russian Central Bank assets that were frozen in response to the invasion of Ukraine are confiscated (e.g., to give them to Ukraine), the Kremlin is going to respond by confiscating assets in Russia held by Westerners.

Westeners who were dumb enough to move their assets into Russia in order to evade taxes. Like Depardieu, who recently got UAE citizenship.

But that's not a problem with Russia - that's the West not honoring their IOU. Also not problem for everybody else.

The West is a minority of the Earth now, including financially.

What does that have to with bonds the government might refuse to pay out (or western governments might ban you from receiving payments even if they don’t)?

Not if climate change triggers a new ice age :)

Though I guess that bond prices would be meaningless for most at that point