WASHINGTON—The Treasury Department moved to cut off Russia’s ability to make payments on its dollar-denominated sovereign debt, putting Russia on a path toward defaulting on its foreign debts this summer and deepening the country’s economic isolation after its invasion of Ukraine.

Since imposing a raft of sanctions on Russia this year, the U.S. had maintained an exemption allowing U.S. banks and investors to process and receive payments on existing Russian bonds. The Treasury said Tuesday it would allow the exemption to expire on Wednesday.



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