“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” on Sunday. “Russia has the money to service its debt, but cannot access it.”

Read more: Russia Lost Access to Half Its Reserves, Finance Minister Says

Asked whether Russia’s financial squeeze risks causing a world financial crisis, the IMF head said, “For now, no.” Banks’ global exposure to Russia is “definitely not systemically relevant,” she said.

While the IMF will “inevitably” downgrade its growth outlook for 2022, “it is still going to be a positive growth rate,” Georgieva said.