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Recently, the U.S. Treasury Department s Office of Foreign
Assets Control ( OFAC ) sanctioned various individuals
and entities connected to Russia s technology sector and also
expanded sanctions against dealings in Russian sovereign
debt. In addition to these immediate actions, President Biden
also issued a new Executive Order which will significantly expand
OFAC s authority to impose future sanctions against Russia.
Background
The White House published a Fact Sheet which explains the recent sanctions
actions were a response to Russian election interference and
cyber-attacks directed at the United States. A month prior to
Псковский суд взыскал с Минфина более 5 млн рублей в пользу экс-министра из Карелии pln-pskov.ru - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from pln-pskov.ru Daily Mail and Mail on Sunday newspapers.
MARKET SIGNALS 05.11.2021
IDEA #1: RUSSIA 28
The most liquid issue on the Moscow Exchange in the line of Eurobonds of the RF Ministry of Finance. The yield spread to UST remains wide (50 bp) relative to the dock levels, which creates potential for further price growth. Unlike Eurobonds of Russian banks and corporations, the bonds of the Ministry of Finance are completely devoid of ruble risk: when selling (redeeming) sovereign Eurobonds, the income in the form of exchange rate differences is exempted from paying personal income tax. From this point of view, sovereign Eurobonds are quite comparable to direct investment in dollars or euros (while the holder of the Eurobond also receives a coupon income). Due to the sanctions, the RF Ministry of Finance does not place new dollar-denominated eurobonds, which creates a shortage of securities with Russian sovereign risk as the issues mature. The peculiarity of the Eurobond maturing in 2028 is that, due to its very high coupon rate (12.7
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In response to a variety of activities allegedly undertaken by
Russia, the U.S. Government has imposed a series of additional
sanctions and export control measures since early March.
Collectively, the March and April sanctions take a variety of
forms, including the suspension of entry into the United States and
the denial of visas to certain non-U.S. citizens, denial of
government credit and financial assistance, cessation of all
foreign military financing, export controls changes, expanded
sanctions authority, and additional designations of blocked
persons. These sanctions may affect anyone doing business
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