Russia is inching closer to a technical default on its international debt after foreign banks had declined to process payments of more than $600 million this week. The United States prevented Moscow from completing dollar-denominated debt payments to bondholders from reserves parked at American banks, noting that the Kremlin had to choose between exhausting its dollar reserves, generating more revenues, or slipping into default. “The U.S. Treasury prohibited Russia from making debt payments with funds subject to U.S. jurisdiction,” the White House confirmed. “Sanctions do not preclude payments on Russian sovereign debt at this time, provided Russia uses funds outside of U.S. jurisdiction. However, Russia is a global financial pariah—and it will now need to choose between draining its available funds to make debt payments or default.” A $552.4 million principal payment maturing in 2022 and an $84 million coupon payment on a 2042 sovereign dollar bond were due Monday. …