S&P Global says the Russian government has failed to pay its debt for the first time in more than a century.

The $ 649 million tranche was to be paid in dollars, but the Kremlin paid it in rubles, as its dollar reserves were blocked in foreign banks.

Russia’s failure to make payments to creditors was the result of sanctions imposed to punish the government for military aggression against Ukraine. Last week, on the day the payment was due, the Treasury Department announced it would tighten restrictions on Russia’s foreign exchange reserves held in US banks.

Despite the sanctions imposed after February 24, when Russia launched the attack US banks were allowed to make several payments to the Russian government, including those for bondholders.

As a result of the change in the position of the Treasury, JPMorgan Chase, the bank where Russia holds large deposits in US dollars, was not able to make the proper payment on April 4.

The company, which evaluates and monitors the ability of governments and large businesses around the world to pay off debts, confirmed that the transfer of rubles does not constitute a payment of Russia’s debt installment because the contract specifically requires payment to be made in dollars.

Technically, there is a 30-day deadline, until early May, during which Russia can make the payment, to avoid bankruptcy. However, S&P Global said it did not expect Moscow to be able to make the payment.