Training on banks and NBCOs, January 24–25

US residents hold 8% of Russian sovereign debt

Geography of holders of Russian sovereign debt

Introduction of sanctions against purchasers of Russian sovereign debt1 may reduce the investor base and, respectively, increase the average borrowing costs for the Russian government.

Assuming that the geographic distribution of potential holders of Russian sovereign debt is almost the same as the geographic distribution of current holders, ACRA is of the opinion that the demand for Russian sovereign debt may drop by 8–10% against the level of early 2018 (provided that the interest rate and the exchange rate remain unchanged). Our base case scenario assumes that the debt sanctions will mostly affect the behavior of investors in the USA, and, to a much lesser degree, in other jurisdictions.

The Bill introduced in the US Senate in early August, contains the following paragraph: "…prescribe regulations prohibiting United States persons from engaging in transactions with, providing financing for, or in any other way dealing in Russian sovereign debt issued on or after the

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