London – With much of Moscow’s $640 billion reserves under lock and key in the West and sanctions crippling cross-border capital flows, investors fear Russia may be heading for its first ever default on sovereign hard-currency debt.
On Wednesday, foreign investors were effectively stuck with their holdings of ruble-denominated bonds — known as OFZs — after the central bank temporarily halted coupon payments and settlement system Euroclear stopped accepting Russian assets.
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