Page 112 - RusRPTSept22

Most U.S. and European banks had pulled back from the market in June after the Treasury Department banned U.S. investors from purchasing any Russian securities as part of economic sanctions to punish Moscow for invading Ukraine, according to an investor who holds Russian securities and two banking sources.
Following subsequent guidelines from the Treasury in July that allowed U.S. holders to wind down their positions, the largest Wall Street firms have cautiously returned to the market for Russian government and corporate bonds, according to emails, client notes and other communications from six banks as well as interviews with the sources.
The banks that are in the market now include JPMorgan Chase & Co JPM.N, Bank of America Corp BAC.N, Citigroup Inc C.N, Deutsche Bank AG DBKGn.DE, Barclays Plc BARC.L and Jefferies Financial Group Inc JEF.N, the documents show.
The return of the largest Wall Street firms, the details of the trades they are offering to facilitate, and the precautions they are taking to avoid breaching sanctions are reported here for the first time.
Bank of America, Barclays, Citi and JPMorgan declined to comment.
112 RUSSIA Country Report September 2022 www.intellinews.com