Ukraine Invasion Claims Wipe Out Russia Bondholder Gains

U.S. assertions that President Vladimir Putin’s troops have crossed into Ukraine are rekindling the threat of sanctions and fanning a selloff in Russian assets.

Benchmark government ruble bonds due in February 2027 tumbled the most since March yesterday, wiping out this month’s gains, while the Russian currency slumped to an 11-year low versus the dollar. The cost of insuring the sovereign’s dollar bonds against non-payment with credit-default swaps soared to a five-year high relative to the world’s largest emerging markets.