WASHINGTON (AP) — The Treasury Department will not allow any Russian government debt payments from accounts at U.S. financial institutions to be made in U.S. dollars, restricting one of the s…
WASHINGTON — The Treasury Department will not allow any Russian government debt payments from accounts at U.S. financial institutions to be made in U.S. dollars, restricting one of the strategies President Vladimir Putin is employing to stave off default, an agency official said Tuesday.
Russia is currently facing skyrocketing inflation, shortages in essential goods and disrupted trade with the rest of the world as it continues its invasion of Ukraine. The West has cut key Russian banks out of a financial messaging system known as SWIFT, which is used every day to route billions of dollars among more than 11,000 banks and other financial institutions around the world. Sanctions have been issued on Russian leadership, oligarchs, trade and natural resources, and the country’s central bank.
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