Washington, May 24 (AP) The U.S. will close the last avenue for Russia to pay its billions in debt back to international investors on Wednesday, making a Russian default on its debts for the first time since the Bolshevik Revolution all but inevitable.

The Treasury Department said in a notification that does not plan to renew the license to allow Russia to keep paying its debtholders through American banks.

Also Read | Monkeypox Outbreak: US CDC Issues New Warning As More Potential Cases Found.

Since the first rounds of sanctions, the Treasury Department has given banks a license to process any bond payments from Russia. That window expires at midnight May 25.

There had already been signs that the Biden administration was unwilling to extend the deadline. At a press conference heading into the Group of Seven finance minister meetings in Koenigswinter, Germany, last week, Treasury Secretary Janet Yellen said the window existed “to allow a period of time for an orderly transition to take place, and for investors to be able to sell securities.”

Also Read | Chinese, Russian Fighter Jets Hold Joint Aerial Patrols in Sea of Japan, East China Sea, West Pacific Amid QUAD Conclave.

“The expectation was that it was time-limited,” Yellen said. (AP)

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)