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Putin’s Broken Market Link Puts Trades Worth Billions in Limbo

  • More than $100b of assets were frozen at NSD, ITI Capital says
  • Sanctions have severed Russia’s connections to global markets

Russia’s central bank is keeping a close watch on a key piece of market infrastructure targeted by European Union sanctions.

Asked after Friday’s interest-rate decision whether the Bank of Russia would join potential lawsuits to fight a freeze on the National Settlement Depository, Governor Elvira Nabiullina said officials are “working on the best strategy and tactics.”