Some firms have opted to substitute their eurobonds to ruble debt, the outlet has found Russia’s biggest companies – including unsanctioned ones – are “bypassing Wall Street” for servicing their outstanding debt following Western sanctions that broadly disrupted critical financial operations needed to keep bonds functioning, Bloomberg reported on Monday. Restrictions have complicated a large number of financial processes for servicing bonds even if a borrower hasn’t been targeted by sanctions, the outlet said. Companies and investors now search for alternatives, including swaps, buybacks and direct payments to bon
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