Russia Avoids Default as JPMorgan, BNY Mellon Process Funds (2)

JPMorgan Chase & Co. and Bank of New York Mellon Corp. processed a payment transaction from Russia for one of its dollar bonds, allowing the nation to continue sidestepping a default.

JPMorgan acted as a correspondent bank in transactions for Russian debt due in 2030 and processed a payment amounting to nearly $447 million on Thursday, which covers an $87.5 million coupon payment and a $359 million principal payment, according to a person familiar with the matter. It then passed the funds on to paying agent BNY Mellon, said the person, who declined to be named because they aren’t authorized ...