The US blocks Russia from making a $600 million bond payment as it ramps up the pressure on Moscow
Russia was blocked from making its dollar bond payment through JPMorgan on Monday. Gavriil GrigorovTASS via Getty Images
The US told JPMorgan, Russia's foreign correspondent bank, that it was not authorised to process the funds. The US Treasury blocked JPMorgan, Russia's foreign correspondent bank, from processing the payments due on 2022 and 2042 bonds late on Monday, a person familiar with the matter told Insider. JPMorgan declined to comment.the department had blocked Russia from paying bond holders using reserves held at US banks.
The block came as the US weighed up putting further sanctions on Moscow, after widespread reports of Russian atrocities in Ukraine, including the execution of civilians. US President Joe Biden said his Russian counterpart Vladimir Putin should face trial for war crimes.its bond payments. The Treasury had consistently given JPMorgan and other lenders authorisation to process payments.
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