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Russia Said to Shelve Eurobond Plan for This Year Amid Sanctions

  • U.S., EU warned banks on risks of participation in offering
  • Russia is seen offsetting funding shortfall with domestic debt

Russia is shelving plans to issue Eurobonds this year in the face of U.S. and European Union sanctions and informal pressure on major banks not to participate, two senior officials said.

While Finance Minister Anton Siluanov said over the weekend that the government “isn’t closing the window of possibility to sell them,” the officials said it’s now clear that the government won’t find sufficiently prominent banks willing to underwrite the bonds in the current climate. That will make it impossible to ensure adequate demand among the high-quality investors Russia was seeking, according to the officials, who spoke on condition of anonymity given the sensitivity of the issue.