U.S. bars Russia from paying bondholders through American banks, increasing default risk

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  • The Biden administration will ban the Russian government from making payments to bondholders through US banks from Wednesday morning.
  • The move increases the likelihood that Russia will default on its outstanding debt.
  • It is the latest sanctions against that country by the United States in response to Russia’s invasion of Ukraine.

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The Biden administration will ban the Russian government from making payments to bondholders through US banks from Wednesday morning, Treasury Department said,

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The move increases the likelihood that Russia will default on its outstanding debt.

It is the latest sanctions against that country by the United States in response to Russia’s invasion of Ukraine.

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The Biden administration had made a significant exception to sanctions on Russia’s central bank since the invasion, allowing that bank to process payments to bondholders through US and international banks.

But that exception will expire at 12:01 a.
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m. Wednesday, according to a bulletin issued by the Treasury Department titled, “Notice on the Russian General License 9C on Restrictions on Harmful Foreign Activities.”

This is breaking news. Please check back for updates.

Credit: www.cnbc.com /

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