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Wall Street Banks Dipping Back into Russian Bond Dealing

RUSSIA
  • Bloomberg report that the likes of JP Morgan and Bank of America are now willing to trade in Russian bonds that had been impacted by sanctions pressure. The piece writes that many Wall Street banks are now offering to facilitate transactions across both corporate and sovereign debt, according to sources.
  • The Russian Finance Ministry is looking to prevent schemes to export gasoline and diesel fuel from Russia that is intended for the domestic market, the supply of which has already been paid subsidies. Kommersant sources say that in recent months, traders have been actively engaging in buying fuel on the domestic market to sell it for export.
  • This would usually be unprofitable as traders would have to pay VAT and excise duty when buying (though not receive this when selling), however, following the invasion of Ukraine, gasoline supply was in surplus and the domestic cost of fuel decreased significantly.
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