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• Russia has been unable to access its foreign reserves totaling about $315 billion
Treasury Secretary Janet Yellen confirmed it’s unlikely the US would allow Russia to make bond payments on its foreign-currency debt, as investors have had time to adjust to Moscow’s exclusion from the global financial system.
Speaking at a press conference in Germany, Yellen said it is “reasonably likely” to expect the license will be allowed to expire on May 25.
“When we first imposed sanctions on Russia, we created an exemption 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, reported Bloomberg.
“The expectation was that it was time-limited. I think it’s reasonably likely that the license will be allowed to expire,” she added.
Russia has been unable to access its foreign reserves totaling about $315 billion, to pay off its debts. Until now, it has continued to pay its creditors without accessing those frozen assets.
The ruble is near a five-year high against the euro and stands at a more than-two-year high against the dollar. It's the best-performing currency of 2022.
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Source: Bloomberg