Davis Polk partner Paul Marquardt was quoted in Bloomberg on the recent uptick in trading in the Russian sovereign bond market. The uptick coincided with a general license issued by the U.S. Treasury’s Office for Foreign Assets Control in July authorizing transactions through October. Paul noted, “In our experience, intermediaries that were previously somewhat hesitant to engage in closeout-related transactions now accept that it’s clear.”

“Barclays, Jefferies Are Among Firms Brokering Trades of Ruble Bonds,” Bloomberg (August 11, 2022) (subscription required)

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