Global investors with at least $150bn in Russian securities on their books are scrambling to find ways to execute trades after western sanctions froze the country out of the global financial system.
Foreign investors held $20bn of Russia’s dollar debt and rouble-denominated sovereign bonds worth $41bn at the end of 2021, according to data from the Russian central bank. Holdings of Russian equities amounted to $86bn, Moscow Exchange data show.
But the exclusion of many Russian banks from the Swift payments network means foreign investors are now stuck, unclear how they can exit without falling foul of the new sanctions, and unable to find counterparties who are willing and able to buy.
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