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Economic news / Економічні новини

News of economy, energy, trade, finance / Новини економіки, енергетики, торгівлі, фінансів

Two of the world’s largest banks suspended operations on Russia’s public debt

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Чер 14, 2022

Some of the world’s largest banks – American JPMorgan Chase and Goldman Sachs – have suspended operations to service Russia’s debt obligations. It is reported by Bloomberg, citing sources.

The statement said that under the updated guidance from the Office of Foreign Assets Control (OFAC) of the US Treasury Department, firms will no longer conduct certain market generating operations with Russian legal entities.

According to the agency, the corresponding decision was made after a corresponding instruction from the US Treasury to suspend operations in this area. At the same time, sources note that this month these banks carried out operations to service Russia’s public debt.

The US Treasury has terminated General License No. 9C, which gave Russia the right to make payments to service its national debt. The decision went into effect on May 25 at 00:01 U.S. East Coast time (07:01 Moscow time).