WASHINGTON (Reuters), – On Thursday, the White House indicated that Russia’s default in its debt will have minimal effect on the U.S. economy and other global economic sectors.

In a Thursday press conference, Karine Jean-Pierre, spokesperson for the White House stated that “we expect the impact on America and the global economy will be minimal” given Russia’s financial isolation.

Russia is now closer to a historical debt default as the United States did not extend its bondholder license. Washington has intensified pressure after Russia’s behavior in Ukraine.