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Investors Trapped in Russian Bonds Find Buyers in Kazakhstan

  • Kazakh firms bought Russian government debt at steep discount
  • Sanctions, other curbs complicated market exit for foreigners
Updated on

Kazakh financial firms have been scooping up Russian government debt at a steep discount from investors unable to exit the market because of sanctions and other restrictions imposed after the invasion of Ukraine, according to people familiar with the matter.

In recent months, some Kazakh brokerages and banks have been purchasing or making offers for Russian sovereign securities including so-called OFZ bonds, the people said, asking not to be named because the information is private.