Economics
Russia Skips Bond Sale for Second Week as Sanctions Noise Grows
- Finance Ministry cites market volatility in its decision
- Russian local debt has lost most among EM peers this month
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Russia’s Finance Ministry said it will cancel this week’s regular sale of ruble bonds after an emerging-market rout and expectations for deeper U.S. sanctions drove borrowing costs to the highest level in more than two years.
The cancellation means Russia will fail to sell ruble sovereign bonds, known as OFZs, for two weeks in a row for the first time since the 2015 oil-price crash. Last week, the Finance Ministry went ahead with its Wednesday bond auction, but decided not to sell at the prices on offer.