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Yellen Says U.S. Unlikely to Extend Russia Debt-Payment Exemption

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Post time 2022-05-19 15:30:19 | Show all posts |Read mode

U.S. Treasury Secretary Janet Yellen was attending a G7 meeting of finance ministers and central bankers in Germany on Wednesday.ALEX KRAUS/BLOOMBERG NEWS


BONN, Germany—Treasury Secretary Janet Yellen said the U.S. won't likely extend a sanctions exemption allowing U.S. investors to receive payments on Russian debt, likely pushing Russia towards default.


"I think it's reasonably likely that the license will be allowed to expire. There has not been a final decision on that, but I think it's unlikely that it would continue," Ms. Yellen said during a press conference ahead of a meeting of the finance ministers of Group of 7 major economies in Germany.


The current exemption is set to expire on May 25. Ms. Yellen said that the move wouldn't represent a significant change in Russia's ability to borrow, as the U.S. and its partners have already largely cut off Russia's ability to borrow in foreign markets.


"Russia is not able to borrow in global financial markets. It has no access to capital markets. If Russia is unable to find a way to make these payments, and they technically default on their debt. I don't think that really represents a significant change in Russia's situation," she said.


Russian Finance Minister Anton Siluanov said on Wednesday that Russia intends to pay its outstanding foreign debts in rubles if sanctions complicate its ability to make payments to bondholders, according to Russian state media service TASS.


However, Russia’s foreign currency bonds don’t allow payments in rubles in many cases, including in an upcoming $100 million in payments due to bondholders on May 27, two days after the U.S. sanctions exemption is set to expire.



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