Sanctions against Russia are disrupting the flow of payments between bond issuers and investors as lawyers at banks and other intermediaries assess the risk of acting on behalf of companies with links to Moscow.
Fund managers typically take it for granted that payments on the bonds they own, or regular interest payments, will reach their accounts.
But the unprecedented sanctions levelled on Russia since its invasion of Ukraine have upended global finance, snarling the firms that shuffle these payments around the world in legal discussions about what obligations they can meet without falling foul of the restrictions.
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