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Econ Ministry Look to Scrap Cross-Default Provisions

RUSSIA
  • Russian press RBC reports that the economy ministry have moved to draft anti-sanction amendments to their legislation on financial markets. As part of the amendments, the economy ministry look to allow the use of “substitute” bonds to repay Eurobonds, while also cancelling the cross-default provision on bonds (meaning default on one line of bonds won’t necessarily trigger a broader default condition). RBC cite sources in saying the bill was approved by a government commission yesterday.
  • In an expansion of individual sanctions targeting, Bloomberg report that Russia have “indefinitely” banned 61 US officials including the Treasury Secretary Yellen.
  • Elsewhere, sanctions pressure continues to ratchet higher on domestic industry, with Kommersant reporting that Russian lead producers may close entirely due to the complete halt in exports for the sector.
  • Vedomosti look into the recent Eurobonds payment controversy, flagging that the latest Eurobonds payments reached Euroclear, before getting stuck ahead of the cancellation of the US General Licence 9A.
  • Lastly, Izvestia estimate that Western investment companies continue to have at least $17bln in frozen assets still stuck in Russia.
  • Official reserves assets data are the calendar highlight, with the data due at 1400BST/0900ET.
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