EFG Magazine

Russia appeared to avoid a default this week after it made interest payments totaling $117 million due on two bonds denominated in U.S. dollars.

JPMorgan Chase received and processed the payments on Wednesday after U.S. authorities granted it permission to do so, said a person with knowledge of the payment, who requested anonymity because of the sensitivity of the situation.

Correction: 

March 18, 2022

An earlier version of this article misstated the amount of foreign currency debt accumulated by corporations in Russia. JPMorgan estimates the amount at $100 billion, not $100 million.  

Eshe Nelson is a reporter in London, where she writes about companies, the British economy and finance. @eshelouise

Lananh Nguyen covers Wall Street. She previously spent more than a decade at Bloomberg News in New York and London, where she wrote about banking and financial markets. @LananhTNguyen

A version of this article appears in print on March 18, 2022, Section B, Page 4 of the New York edition with the headline: Russia Makes $117 Million Bond Payment to Avoid Default. Order Reprints | Today’s Paper | Subscribe