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The US government broadened restrictions on trading of Russian government debt on Tuesday in a bid to punish Moscow for ratcheting up its conflict with Ukraine.

The US Treasury said it was prohibiting participation in the secondary market for bonds issued after March 1.

US investors have been banned from buying new dollar-denominated Russian debt since 2014, when Russia annexed Crimea. “So we have primary and secondary new issue rouble and dollar debt sanctioned,” said Ash. “The next logical step if Russia invades full-scale is sanctioning existing issues secondary.”The latest measures on the rouble debt known by their Russian abbreviation, OFZ, could further stress the bonds.

 

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