(MENAFN) According to sources quoted by the Financial Times on Wednesday, many significant European banks have followed Wall Street in resuming customer access to trading Russian debt.
According to the article, UBS, Barclays, and Deutsche Bank have all begun permitting customers to liquidate their holdings of Russian debt, after similar actions taken by JPMorgan, Bank of America, Jefferies, and Citigroup in the United States.
Due to their lower risk tolerance, other European banks, such Credit Suisse and HSBC, have so far refrained from returning to the Russian debt market, according to persons with knowledge of their operations and the Financial Times.
Based on the sources, the decisions to resume trading in Russian bonds were made to allow customers to reduce their exposure in compliance with penalties regulations, not to try to benefit from the market's reopening.
According to an alleged employee of one of the institutions that has resumed trading in Russian debt, " This is chiefly for clients who continue to want to unwind." He also mentioned that "the volumes aren’t that remarkable.”
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