Russia’s foreign debt payments begin as soon as the United States ends its dollar-denominated exemption.
US banks and individuals are banned from accepting bond payments from the Russian government as of today, as the special permission that existed until now to make these payments is suspended, as announced by the US Ministry of Finance.
This move constitutes artificial bankruptcy.
The US Treasury Department announced yesterday that the US would end the exemption that allowed Moscow to pay off foreign debt held by US investors with funds held in Russia.
The escape clause in the drastic sanctions imposed on Moscow, which allowed US banks to receive and process payments to creditors, expired at 04:01 GMT on Wednesday, two days before Russia’s next debt payment.
The US Treasury Secretary, Janet Glennannounced last week the move announced yesterday, Tuesday, saying the exemption was implemented to allow financial institutions to adjust, but that it was “time-limited”.
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