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Yellen Confirms Russia Debt-Payment License Extension Unlikely

  • Treasury chief speaks at press briefing ahead of G-7 meeting
  • Yellen says one objective on Russia is to minimize revenues
Janet Yellen
Janet Yellen

Photographer: Tom Williams/CQ Roll Call/Bloomberg

Updated on

Treasury Secretary Janet Yellen confirmed it’s unlikely the US will allow Russia to continue making bond payments on its foreign-currency debt, as investors have had time to adjust to Moscow’s exclusion from the global financial system.

“When we first imposed sanctions on Russia, we created an exemption that would allow a period of time that would allow for an orderly transition to take place and for investors to be able to sell securities,” Yellen said at a press conference on Wednesday. “The expectation was that it was time-limited. I think it’s reasonably likely that the license will be allowed to expire.”