Foreign investors hold about half of Russia’s currency-linked bonds, leaving banks that bought debt from Moscow potentially exposed to multi-billion-dollar losses as a result. France is most at risk, with $4.5bn of Russian government bonds held by the country’s lenders.
The French were also the big investors in those Tsarist railway bonds, weren’t they?
Yep – societees des chemins de fer russes or something
“The French were also the big investors in those Tsarist railway bonds, weren’t they?”
Pretty certificates, though. Make good lampshades.
Britain had to pick up the tab there as well. Loans to Russia and France were backed up by loans from the USA. The Revolution buggered British finance good and hard.
$4.5bn is only slightly more than Chelsea FC might have fetched with the entire proceeds donated towards helping Ukrainian refugees. The government has stepped in to halt any imminent sale.
How is this supposed to help?
Weren’t those bonds given at very preferential rates to try to pry Russia away from Prussian influence?
John: “$4.5bn is only slightly more than Chelsea FC might have fetched with the entire proceeds donated towards helping Ukrainian refugees.”
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Abramovich offered to donate “net proceeds” from the sale, not “entire proceeds”. His statement was very specific on that point.
I can’t find any answer to the question “net of what?” but perhaps I missed it.
Paul, a sale of that size will get all sorts of troughers interested, especially lawyers and accountants