I would not bet the house on Ukraine defaulting, it will be a month on negotiations that will most like end with the payments being mostly delayed and agreed with creditors. But it is always possible to re-pay with frozen Ruzzian assets you know.
Actually, no, it is NOT possible, unless you want to make dollar worth less than paper its printed on
Its not even decided yet what to do with interests on those funds, even less about whole funds.
Even pretty soft approach so far has consequences:
https://www.indiatoday.in/business/story/us-saudi-arabia-petrodollar-deal-history-significance-what-is-it-2553088-2024-06-14USA surely don't want everyone rushing to get rid of their USD reserves
Mic drop.