Russia inches closer to debt default as US lets key waiver expire | Debt News

Russia inches closer to debt default as US lets key waiver expire | Debt News

US banks and individuals will be barred from accepting bond payments from Russia’s government after 12:01am NY time (04:01 GMT) on Wednesday.

By Bloomberg

Russia will get pushed closer to a potential default after the US Treasury Department said it will let a key sanctions waiver benefitting American investors expire.

US banks and individuals will be barred from accepting bond payments from Russia’s government after 12:01 a.m. New York time on Wednesday, when a license that has so-far allowed the cash to flow ends, Treasury said in a statement on Tuesday.

“OFAC will not renew the provisions” of the waiver “that expire on May 25, 2022 at 12:01 a.m. EDT,” the Treasury Department said in a statement posted from…

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News Source: www.aljazeera.com