Western sanctions have immobilized the foreign exchange assets in Russia's central bank and prohibited international banks from dollar and euro transactions with sanctioned Russian financial institutions - including the central bank - complicating any payments.
Russia, which is pursuing an increasingly destructive invasion of Ukraine, has $117 million in payments due on Wednesday on two dollar-denominated euro bonds. Deputy US Treasury Secretary Wally Adeyemo earlier told CNBC that Russia’s choices in how it pays its debts will drain resources from President Vladimir Putin’s ability to continue the war in Ukraine.
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