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Swaps Panel Asks US Treasury for Russia Sanctions Workaround

  • CDDC asks OFAC to allow Russia bond buying for CDS payout
  • OFAC guidance on June 6 bars investors from buying Russia debt
Updated on

A panel of 13 banks and asset managers asked the US Treasury to allow trading in Russian assets temporarily, so that investors who wagered on Moscow defaulting can be paid what they’re owed.

The Credit Derivatives Determinations Committee, which regulates the credit derivative swap market, is engaging with the Treasury’s Office of Foreign Assets Control, according to people familiar with the matter. OFAC hasn’t made a decision, and one isn’t likely to come until after the Group-of-Seven summit this weekend, a person familiar with the matter said.