(Bloomberg) —Russia’s central bank has been relegated to the role of bit-part player as war and international sanctions devastate the country’s economy. A meeting in Moscow on Friday will be little more than a cameo for the Bank of Russia in an economic drama playing out across the world’s biggest country, as the wipeout of […]
Read More(Bloomberg) — As Wall Street starts to tally the market damage triggered by Russia’s invasion of Ukraine, a big bond fund run by Franklin Resources Inc. is emerging as an early loser. The Western Asset Core Plus Bond Fund, with $37 billion of U.S. mutual fund assets, declined more than 8% this year and about […]
Read More(Bloomberg) — Starbucks Corp. and Coca-Cola Co. joined the steady stream of companies suspending operations or pulling out of Russia, as Fitch Ratings said a bond default is “imminent” because of the country’s financial isolation after its invasion of Ukraine. Russian forces intensified their bombardment of Ukraine’s capital Kyiv, the U.S. said. That’s even as Moscow […]
Read More(Bloomberg) — Brent crude soared almost 18% to just shy of $140 a barrel at the open in Asia following news over the weekend that the U.S. and its European allies are discussing a possible ban on Russian oil exports. It’s the latest development in an eye-watering surge in prices since the invasion of Ukraine, […]
Read More(Bloomberg) — Senator Elizabeth Warren, a vocal critic of Wall Street, said banks are “undermining” sanctions on Russia by snapping up the nation’s corporate bonds and suggesting clients buy assets on the cheap. In a statement released late Friday, she called out market makers JPMorgan Chase & Co. and Goldman Sachs Group Inc. following a […]
Read More(Bloomberg) — Short sellers were right when they bet against Russia. Whether they’ll collect their winnings of more than $723 million is another matter. That’s how much the shorts stand to make on a basket of Russian stocks listed in the U.S., U.K. and Europe that have plunged since the start of this year, according […]
Read More(Bloomberg) — Contracts insuring $41 billion of Russian sovereign debt may be rendered worthless, even as they signal a record likelihood of default. That’s because international sanctions placed on the country in response to President Vladimir Putin’s invasion of Ukraine may both trigger credit-default swaps and also prevent the underlying bonds from being used for […]
Read More(Bloomberg) — Stocks and equity futures sank Friday and havens including sovereign bonds jumped on reports that a major nuclear power plant is on fire in Ukraine after shelling by Russian troops. Japan led losses in an Asian equity gauge, S&P 500 and Nasdaq 100 futures shed more than 1% and European contracts dropped about […]
Read More(Bloomberg) — Russia’s invasion of Ukraine could devastate global grain markets so deeply that it’s likely to be the biggest supply shock in living memory. That’s according to Scott Irwin, an agricultural economist at the University of Illinois. Tens of millions of acres of grain production are at stake, he said Wednesday on Twitter. “I […]
Read More(Bloomberg) — U.K.-listed depositary receipts of Russian companies are evaporating in value as sanctions take effect. The Dow Jones Russia GDR Index, which tracks London-traded Russian companies, has plunged 98% in two weeks. The slump has wiped $572 billion from the market value of 23 stocks, including Gazprom PJSC, Sberbank of Russia PJSC and Rosneft […]
Read More(Bloomberg) — Chinese companies are expected to scoop up discounted Russian oil should sanctions deter other buyers, traders said, potentially repeating a pattern seen when Iran and Venezuela were hit by U.S. curbs. Importers in the top oil user are likely to take advantage of the opportunity to build up stockpiles on the cheap, they […]
Read More(Bloomberg) — The invasion of Ukraine is causing a mass exodus of companies from Russia, reversing three decades of investment by Western and other foreign businesses there following the collapse of the Soviet Union in 1991. The list of those cutting ties or reviewing their operations is growing by the hour as foreign governments ratchet […]
Read More(Bloomberg) — Two cargoes of Russian oil loaded late last week for U.S. ports may be among the last shipments of their kind as the market seeks alternatives amid mounting sanctions against Russia’s financial system. Commodity trading giant Vitol booked vessels Elli and Matterhorn Spirit to carry a combined 780,000 barrels of either crude or […]
Read More(Bloomberg) — A Ukrainian delegation led by the defense minister began talks with Russian officials on the fifth day of an invasion that’s triggered a flurry of sanctions against Moscow and sent Russian markets into a tailspin. Ukrainian President Volodymyr Zelenskiy has voiced skepticism that the talks, taking place on the country’s border with Belarus, […]
Read More(Bloomberg) — Russia’s central bank has banned brokers from selling securities by non-residents starting today in a bid to shield the nation’s assets from sweeping Western sanctions that include penalties on the Bank of Russia. In addition to the temporary freeze on sales on the Moscow Exchange, the central bank said the currency and repo […]
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