![]() ![]() sanctions on local sovereign bonds, so-called OFZs, would lead to the creation of two different classes of OFZs. IMPLICATIONS FOR INVESTORSĪnalysts see limited implications for holders of existing hard-currency bonds. Despite the limitations in the United States, Russia had been able to issue bonds in European markets.Īnalysts at JPMorgan calculate that Russia has issued a combined 3.5 billion in euro-denominated bonds since 2020. The coordinated measures are aiming to curb Russia's ability to raise new foreign financing and plug some loopholes. However, there was no indication on whether Britain would stop trade in outstanding sovereign debt. The measures would require additional legislation, according to Western officials, and clearing transactions would also be affected. read moreīritain said on Wednesday it would stop Russia selling sovereign debt in London - one of the world's major financial centres for such transactions. Canada's government said it would bar its citizens from engaging in purchases of Russia's sovereign debt. The European Union agreed new sanctions that will target the ability of Moscow to access the bloc's capital and financial markets as well as services, and ban EU investors from trading in Russian state bonds. entities participating in secondary markets for both rouble and non-rouble debt issued by Russia's central bank, the national wealth fund and the finance ministry after March 1. WHAT ARE THE NEW RESTRICTIONS ON SOVEREIGN DEBT? Here is an overview of what measures have already been added and what impact they might have: investors from buying new Russian rouble bonds over accusations of Moscow meddling in the U.S. sanctions imposed following the 2014 annexation of Crimea made future Russian dollar-denominated debt ineligible for many investors and key indexes. A string of harsher measures is expected after he launched a full-scale invasion on Thursday.Īccess to Russian bonds had become increasingly restricted. The United States and its allies introduced an initial round of sanctions after Russian President Vladimir Putin recognised two breakaway regions in eastern Ukraine on Monday. LONDON, Feb 24 (Reuters) - Western capitals have started putting in place fresh restrictions on Russia's sovereign debt as they seek to ratchet up pressure on Moscow over the conflict with Ukraine. ![]()
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