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Banks JPMorgan Chase and Goldman Sachs suspended operations on the public debt of the Russian Federation
14 June, 11:36
Economy
Banks JPMorgan Chase and Goldman Sachs suspended operations on the public debt of the Russian Federation
Some of the world's largest banks - JPMorgan Chase and Goldman Sachs - have suspended operations to service Russian debt obligations.

According to Bloomberg, "in line with updated U.S. Treasury Department Office of Foreign Assets Control (OFAC) guidance and Goldman Sachs winding down Russia-related activities, the firm will no longer conduct certain market-generating activities with Russian entities".

Takoka's decision followed guidance from the United States Treasury. Moreover, even in that month, organizations carried out operations on loans from the Russian Federation.

Before that, the US Department did not extend the validity of the general license, which allowed Moscow to service external debt in the face of anti-Russian sanctions. The corresponding permit was valid until May 25. The lack of a license makes it impossible to service external sovereign debt in dollars, and in the United States and in other currencies. At the same time, the Russian Ministry of Finance emphasized that this decision, first of all, infringes on the interests of foreign investors, and also undermines confidence in the Western financial system.

On June 1, Bloomberg reported that Russia had violated its obligations to pay interest on debt obligations in the amount of $1.9 million. On May 25, the Ministry of Finance of the Russian Federation announced that Russia would continue to fulfill state debt obligations, but would switch to settlements in rubles with the possibility of subsequent conversion.