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Sanctions “significantly” increase chance of Russia international debt default

by Mike Robinson

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© Reuters. FILE PHOTO: A sign outside JP Morgan Chase & Co. offices is seen in New York City, U.S., March 29, 2021. REUTERS/Brendan McDermid

LONDON (Reuters] – Russia’s sanctions have increased the risk of Russia defaulting in its debt obligations on the international markets, JPMorgan warned Wednesday.

JPMorgan stated in a note that the United States has sanctioned Russian entities and countermeasures have been taken within Russia to limit foreign payments. “This creates high obstacles for Russia to pay a bond abroad.”

Russia will receive over $700 millions in payment this month. Most of these payments are with a 30-day grace. JPMorgan has calculated that March 16 is the date for the next applicable coupon payment. There is also a 30-day grace time.

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