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had become "JP Morgan" And Bank of America" Among the many banks that offered to facilitate transactions in corporate debt aresovereign debt On behalf of the clients, according to people familiar with the matter who requested anonymity.
The return of banks now to mediate transactions comes after the Treasury said it is not a violation of US sanctions for individuals to liquidate their positions, adding more clarity on an issue that has stirred controversy in the market. where sent Bank of America A note to investors last week said the trades are for those seeking to exit Russian debt holdings.
in the wake The war in Ukraine And harsh US sanctions, many banks withdrew from Russia and stopped trading in state assets. This has left some investors stuck in very bad deals. Without finding, in the last month, a mediator to get rid of them.
Lawyers say investors have always been allowed to sell their positions under US sanctions rules, but the issue has been so controversial that many brokers simply refuse to enter the situation.
Deal without violating the ban
Looking at the recent guidance from OFAC, more confidence has emerged in the market about the ways in which banks can transact in Russian origins without violating the rules.
Bloomberg reported last week that Barclays Plc and Jefferies Financial Group have also offered investors an intermediary role. Archyde.com reported earlier on Monday that "JP Morgan" And"Bank of America" And"City Group" They also play the same role.
Representatives declined "JP Morgan" and bank "of America" And"City Group" about the comment.
The Office of Foreign Assets Control (OFAC) last month granted a license allowing for transactions required to exit positions in Russian bonds or stocks. The license is valid until October 20, and the office has also given approval to buy the securities if it is part of the exit process from the bonds.
Russian debt prices have rebounded in recent weeks with increased trading and domestic search for assets to buy with money coming from energy exports. Ten-year government bonds are trading at 39 cents per euro, up from a low of 16 cents at the end of June, when banks pulled back from trading.
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JPMorgan and Bank of America became among the many banks that offered to facilitate transactions in corporate debt andsovereign debt On behalf of the clients, according to people familiar with the matter who requested anonymity.
The return of banks now to mediate transactions comes after the Treasury said it is not a violation of US sanctions for individuals to liquidate their positions, adding more clarity on an issue that has stirred controversy in the market. where sent Bank of America A note to investors last week said the trades are for those seeking to exit Russian debt holdings.
in the wake The war in Ukraine And harsh US sanctions, many banks withdrew from Russia and stopped trading in state assets. This has left some investors stuck in very bad deals. Without finding, in the last month, a mediator to get rid of them.
Lawyers say investors have always been allowed to sell their positions under US sanctions rules, but the issue has been so controversial that many brokers simply refuse to enter the situation.
Deal without violating the ban
Looking at the recent guidance from OFAC, more confidence has emerged in the market about the ways in which banks can transact in Russian origins without violating the rules.
Bloomberg reported last week that Barclays Plc and Jefferies Financial Group have also offered investors an intermediary role. Archyde.com reported earlier on Monday that JPMorgan, Bank of America and Citigroup are also playing the same role.
Representatives declinedJP MorganBank of America and Citigroup commented.
The Office of Foreign Assets Control (OFAC) last month granted a license allowing for transactions required to exit positions in Russian bonds or stocks. The license is valid until October 20, and the office has also given approval to buy the securities if it is part of the exit process from the bonds.
Russian debt prices have rebounded in recent weeks with increased trading and domestic search for assets to buy with money coming from energy exports. Ten-year government bonds are trading at 39 cents per euro, up from a low of 16 cents at the end of June, when banks pulled back from trading.