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US Treasury says sanctions on Russian sovereign debt to harm both Moscow and Washington

February 02, 18:10 UTC+3

Such statement is made in the report sent by the US Treasury to the US Congress, Bloomberg reports

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© Benoit Prieur/Wikimedia Commons

MOSCOW, February 2. /TASS/. The US Treasury Department cautioned that extension of sanctions against the Russian sovereign debt and Russian derivative securities may lead to adverse consequences not merely for the Russian but also for the global financial market and for US investors. Such statement is made in the report sent by the US Treasury to the US Congress, Bloomberg reports on Friday.

"Given the size of Russia’s economy, its interconnectedness and prevalence in global asset markets, and the likely over-compliance by global firms to U.S. sanctions, the magnitude and scope of consequences from expanding sanctions to sovereign debt and derivatives is uncertain and the effects could be borne by both the Russian Federation and U.S. investors and businesses," the report says.

According to the report, "introduction of sanctions against the Russian debt "could hinder the competitiveness of large US asset managers and potentially have negative spillover effects into global financial markets and businesses."

The reports also says that the extension of US sanctions without support of the European Union and other US partners may undermine unity on the issue of sanctions against Russia.

"Expanding US sanctions to include dealings in new Russian sovereign debt without corresponding measures by the EU and other US partners could undermine efforts to maintain unity on Russia sanctions," the document says.

A potential future ban on purchase of Russian sovereign debt securities within the framework of US sanctions may cause certain volatility on the market but the effect will be of short term, chief of the Central Bank of Russia Elvira Nabiullina said earlier.

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