Maris Research

U.S. Sanctions On Russian Bonds Limited, But Saber Rattling Is Totally Clear

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It was not a severe sanction though. It still allowed U.S. banks and institutional investors to trade the domestic bonds in the secondary market. It followed the ban on buying non-ruble sovereign bonds in the primary market imposed in 2019.

But the new sanction injected a note of uncertainty into the future of Russian bonds including the benchmark 10-year sovereign.

Some market participants had feared a ban on secondary trading, which would have damaged emerging market funds a lot more. Such a measure may still be on the table and that fact alone will make U.S. money managers cautious.

Russia has been massing troops on the Ukraine border and limiting access to parts of the Black Sea and the Sea of Azov, affecting much of the Ukraine coast. President Joseph Biden called Russian President Vladimir Putin a “killer,” even though he subsequently decided against sending U.S. warships into the Black Sea. The UK then obliged by sending an aircraft carrier and a frigate there, while putting support weapons in the Mediterranean on alert.

Most visibly, Russia has been defying world public opinion by jailing its leading regime critic, Alexei Navalny, until yesterday denying him the medical care he seeks, and letting him continue a

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