The White House says that Russia’s financial system is “near the brink of collapse” following global sanctions in response to Vladimir Putin’s invasion of Ukraine, The Independent reports.

Press secretary Jen Psaki said how soon Russia begins defaulting on its debts depends on decisions the country makes in response to the results of sanctions.

"It is more and more difficult for President Putin to fund this war, every single day. That has an impact,” she added.

Asked by a Bloomberg reporter on when the White House thinks Russia might begin defaulting on its debts, Psaki said the administration does not have a precise answer and that they’d be interested in hearing the financial news outlet’s suggested timeframe.

"I don’t have an assessment of that, I look forward to reading Bloomberg’s assessment of that, but I don’t have an assessment from here. It depends in part what decisions they [Russia] make,” she said.

“Inflation is skyrocketing at 15 per cent, the traction, the constriction of the economy there is one we’re also projecting to decrease by 15 per cent, private sector businesses are not investing in Russia, and President Putin is a pariah,” she continued.

“This has all been the result of a coordinated effort to put in place economic and financial consequences that are having an incredible effect.”