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European Banks Restart operations with Russian Bonds

 Russian bonds have returned to European banking after the US Treasury Department allowed positions to be liquidated in July.

European Banks Restart operations with Russian Bonds

The Financial Times says that UBS, Barclays and Deutsche Bank have again allowed clients to sell Russian bonds , in line with similar moves by JPMorgan , Bank of America, Jefferies and Citigroup .

According to FT sources, other banks, including Credit Suisse and HSBC , have not yet decided to re-enter the Russian debt market due to high risks.

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Here’s a snippet from Owen Walker’s Financial Times scoop :

“The global market for Russian sovereign and corporate bonds froze in June after US investors were banned from buying Russian securities on the secondary market as part of Western sanctions against Moscow following its invasion of Ukraine.”

“But the Treasury’s Office of Foreign Assets Control, which enforces sanctions in the US, opened a 3-month window on 07/22 for banks to help investors who had held Russian bonds to liquidate their positions. European regulators have also made it easier for banks to help clients reduce their exposure.”

“UBS, Barclays and Deutsche Bank have again allowed clients to sell their Russian debt holdings, in line with similar moves by JPMorgan, Bank of America, Jefferies and Citigroup, according to people briefed on their decisions. Wall Street banking moves were first reported by Reuters and Bloomberg.”

“While each bank’s exposure to Russia is relatively small, the resumption of debt trading is symbolic as it is one of the few key international markets to reopen since Moscow was hit by a barrage of Western sanctions.”

“Western banks had been helping their clients reduce their exposure to Russia after the start of the war, but the bonds proved difficult to trade as a lack of buyers caused stocks to fall.”

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