Biden Sanctions Russian Bonds

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The President of the United States, Joe Biden, has signed an executive order sanctioning US companies from participating in the Russian bond market. The White House said: “Treasury issued a directive that prohibits U.S. financial institutions from participation in the primary market for ruble or non-ruble denominated bonds issued after June 14, 2021 by the Central Bank of the Russian Federation, the National Wealth Fund of the Russian Federation, or the Ministry of Finance of the Russian Federation; and lending ruble or non-ruble denominated funds to the Central Bank of the Russian Federation, the National Wealth Fund of the Russian Federation, or the Ministry of Finance of the Russian Federation. This directive provides authority for the U.S. government to expand sovereign debt sanctions on Russia as appropriate.” The yield on ten year Russian bonds jumped by 1% to 7.2, while their main stock market index, MOEX, fell by 1.2%. The…

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