Western investors can hardly react because they are cut off from trading in Russian securities.
(Photo: picture alliance/dpa)
Frankfurt It is becoming clearer with each passing day that the Ukraine war goes on: With the imposition of sanctions by western countries, Russian securities are de facto no longer investable. As the latest step, the rating agencies Fitch and Moody’s downgraded the country’s credit rating to junk on Thursday night.
For the first time since 1998, Russia is now threatened with insolvency. “Now anything is possible,” Guido Chamorro of Pictet Asset Management in London told Bloomberg news agency. He sees the risk of non-payment at more than 50 percent. Bondholders have to wonder if they’ll ever get their money back.
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