“Latest Russia sovereign bond coupon payments have not received authorization by the US Treasury to be processed by correspondent bank JPMorgan,” Reuters cited an unnamed source familiar with the matter.

The US Treasury announced earlier on, “it will not allow any USD debt payments to be made from Russian accounts at US financial institutions.”

A Treasury spokesperson reportedly said, "what part of sanctions don't you understand?"

These comments come after the US stopped the Russian government on Monday from paying holders of its sovereign debt more than $600 million from reserves held at American banks, per Reuters.

Read: Ukraine Update: G7 foreign ministers due to meet in Brussels on Thursday, 7 April