Two giant US banks suspended operations on servicing Russia’s state debt: Reports

Washington: The world’s major banks – US JPMorgan Chase and Goldman Sachs – have suspended operations on servicing Russia’s debt obligations, Bloomberg reported, citing sources.

The US Department of the Treasury earlier refused to renew a general license that allowed Russia to service foreign debt under sanctions. Russia’s Finance Ministry, in turn, said that despite the tightening of external restrictions, it will continue to fulfill state debt obligations, with payments to be made in rubles. 

Minister Anton Siluanov said a possible announcement of a technical default on the Russian state debt due to US actions would not affect the lives of Russians.