Russia Avoids Default as JPMorgan, BNY Mellon Process Funds
- Coupon payment for Russia’s 2030 dollar debt due on Thursday
- Clearstream blocked Russian depository account last week
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JPMorgan Chase & Co. and Bank of New York Mellon Corp. processed a payment transaction from Russia for one of its dollar bonds, allowing the nation to continue sidestepping a default.
JPMorgan acted as a correspondent bank in transactions for Russian debt due in 2030 and processed a payment amounting to nearly $447 million on Thursday, which covers an $87.5 million coupon payment and a $359 million principal payment, according to a person familiar with the matter. It then passed the funds on to paying agent BNY Mellon, said the person, who declined to be named because they aren’t authorized to speak publicly.