Russia makes last-minute bond payment to avoid default

By KEN SWEET and FATIMA HUSSEIN
The Associated Press

NEW YORK (AP) — Russia has staved off a default on its debt by making a last-minute payment using its precious dollar reserves sitting outside the country. That’s according to U.S. Treasury officials. The Russian Finance Ministry said Friday it made the payments at a London branch of Citigroup. The amount of the payment was not disclosed, but earlier this month Russia’s finance ministry said it tried to make a $649 million payment due April 6 toward two bonds to an unnamed U.S. bank — previously reported as JPMorgan Chase. At that time, tightened sanctions imposed for Russia’s invasion of Ukraine prevented the payment from being accepted.