The US may still force Russia to default on its bonds in the coming weeks, a BlueBay debt strategist told Insider.The US could also block American banks from processing payments altogether, closing off key channels.The US may still force Russia into a bond default in the coming weeks, a debt strategist has said, even though its authorities gave the green light to two last-minute payments.
But that exemption is due to expire on May 25, and the US Treasury's Office of Foreign Assets Control is yet to say whether it will extend the carve-out. The Treasury told banks they could process the latest bond payments last week, after it was satisfied that Russia was draining its own currency reserves and not using dollars held in frozen accounts at American institutions. "The Russians proved that they were more fearful of default than the Americans. The Americans still have the leverage. They can force Russia to default any time."
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