Economics
Putin Sanctions Pummel Markets as Recession Looms: Russia Credit
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The latest sanctions imposed on Russia by the U.S. over Ukraine are threatening to tip the nation into a recession as they exacerbate a bond selloff and drive credit risk higher.
Yesterday’s 36 basis-point jump in Russia’s August 2023 ruble bond, the most among 24 emerging markets monitored by Bloomberg, extended this month’s increase to 59 basis points. Credit default swaps insuring the nation’s debt against non-repayment climbed 26 basis points to a two-month high.