(Bloomberg) — Holders of bonds issued by Russia are set to grapple with a new reality this week as fresh sanctions on the nation’s central bank and a downgrade of its credit rating to j…
Kristine Aquino and Natalia Kniazhevich | Bloomberg
Meanwhile, the U.S. and the European Union jointly agreed to penalize Bank of Russia — potentially freezing access to cash buffers the government had built to reduce reliance on international markets. Additional measures to exclude some Russian banks from the SWIFT messaging system could further choke up the country’s banking system.
“The market is panicking and investors are getting rid of Russian assets,” said Yury Arkhangelskiy, St. Petersburg-based head of Investment Product Department at KIT Finance Broker, which provides brokerage services to institutional and retail investors. These holdings could become subject to forced reallocations under the new classification by ratings agencies.
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