Sweeping sanctions have put the world’s biggest energy exporter on track for a deep, two-year recession that will endanger trade ties, tourism and billions of dollars of remittances for its ex-Soviet neighbours. While a potential cease-fire deal in Ukraine sparked a relief rally this week, warning signs are still flashing in the $17 billion pool of eurobonds from Tajikistan, Georgia, Belarus, Armenia, Uzbekistan, and Kazakhstan.
Western Union suspends operations in Russia and Belarus Tourism, banking In Georgia, tourism is key. The travel industry accounts for about one third of the economy, with Russian holidaymakers comprising 15% of the total. Yields on April 2026 notes have climbed about 300 basis points in the period. Belarus has supported Moscow throughout the invasion and faces international sanctions of its own.
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