JPMorgan Processed Russia Bond Payments, Sent Money to Citi
- Approvals from U.S. authorities sought, received by JPMorgan
- S&P still sees risk of nonpayment, cuts Russia ratings again
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JPMorgan Chase & Co. has processed funds that were earmarked for interest payments due on dollar bonds issued by the Russian government and sent the money on to Citigroup Inc. as bondholders waited for a second day to receive the $117 million, according to people familiar with the matter.
JPMorgan was the correspondent bank Russia used to send the payment to Citigroup, which is acting as payment agent on the bonds, the people said, asking not to be identified discussing a private matter. JPMorgan sent the money to Citigroup after it sought and received the required approvals from U.S. authorities on Wednesday, one of the people said.