It's a kind of technical default, more superficial than substantial.Russia has defaulted on its foreign debt, says S&P
I'm not an expert on the economy but this is really bad for them, isn't it.
Being unable to pay off your debts because you have no money is really bad. Being unable to pay off debts because the transaction is impeded by external factors despite having the money and being willing to hand it over is unlikely to cause serious long-term repercussions. It just means creditors have to wait a while.
Non-payment could raise the possibility of seizing Russian government assets in other countries in lieu - although this would require lengthy court cases (and we all know how long they can take) so I suspect few will bother, they'll just wait for a political resolution.