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, an agency official says.
FILE - People walk past a currency exchange office screen displaying the exchange rates of U.S. Dollar and Euro to Russian Rubles in Moscow, on Feb. 28, 2022. The U.S. Treasury Department will not allow any dollar debt payments to be made from Russian government accounts at U.S. financial institutions, an agency spokesperson said Tuesday morning. – The Treasury Department will not allow any Russian government debt payments from accounts at U.S. financial institutions to be made in U.S.
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.The U.S., EU and United Kingdom have limited the ability of Russia’s central bank to draw on more than $600 billion in foreign currency reserves and have.
Once a country defaults, it can be cut off from bond-market borrowing until the default is sorted out and investors regain confidence in the government’s ability and willingness to pay. Additionally, holders of the bonds could take serious losses.
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