(Bloomberg) -- JPMorgan Chase & Co. processed a coupon payment from Russia for one of its dollar-denominated eurobonds, allowing the nation to continue sidestepping a default.

JPMorgan, which is listed as a paying agent on the prospectus for Russia’s debt due in 2030, processed an $87.5 million coupon payment due on Thursday, according to a person familiar with the matter. The person declined to be named because they are not authorized to speak publicly. 

Questions arose over Russia’s ability to service its 2030 debt last week after Clearstream, the Luxembourg-based bank that was listed as the clearinghouse in bond documents, blocked the account for the National Settlement Depository. The NSD receives the Russian government’s payments on some of its foreign bonds for distribution. 

Yet Russia has shown it is able and willing to service its foreign debts despite sweeping international sanctions in response to President Vladimir Putin’s invasion of Ukraine. Coupon payments for a separate eurobond maturing in 2035, which were due on Monday this week, reached investor accounts about a day later. 

Russia also repaid interest and principal on $2 billion of dollar-denominated bonds due on April 4, with the Finance Ministry offering to buy back some of the debt and pay with rubles. 


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