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UPDATE 1-Latest Russia sovereign bond coupon payments not received U.S. authorization – source

April 5, 2022By Reuters

Adds details, background

Russia’s latest sovereign bond coupon payments have not received authorization by the U.S. Treasury to be processed by correspondent bank JPMorgan JPM.N, a source familiar with the situation said on Monday.

The payments were due on bonds due in 2022 and 2042.

Previously, coupon payments on sovereign bonds had been processed, sources told Reuters. nL5N2VZ4IM

The country has a 30-day grace period to make the payment, the source said.

Russia has managed to avoid defaulting on its international debt so far despite unprecedented Western sanctions. But the task is getting harder. nL2N2VY0B2

If Russia fails to make any of its upcoming bond payments within their pre-defined timeframes, or pays in roubles where dollars, euros or another currency is specified, it will constitute a default. nL2N2VY0B2

The White House and U.S. Treasury did not immediately respond to requests for comment.

(Reporting by Megan Davies; Additional reporting by Alexandra Alper; Editing by Sandra Maler)

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