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Dollar or Ruble? Russian loan payments are due, and are uncertain.

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Dollar or Ruble? Russian loan payments are due, and are uncertain.

He said investors have already taken the financial hit. Russian bonds are trading at around 20 cents on average on the dollar as traders set the price in default. Bond sales have also been forced after assets were taken out of the index, pushing prices further down.

According to data compiled from Bloomberg, some of the institutional investors with large stakes include BlackRock, Pimco, Capital Group and Vanguard. Vanguard, a large provider of mutual and exchange-traded funds, recently said it had suspended purchases of Russian securities in its actively managed funds and was working on exiting positions in its index funds. PIMCO, the large asset manager specializing in bonds, and had created a substantial exposure to Russian debt, declined to comment on its holdings. French asset manager Carmignac said last week that it was divesting its Russian holdings.

Officials are trying to assess the impact of the war and the impact of sanctions on Russia on the global financial system. In late February, members of the Financial Stability Oversight Council, part of the Treasury Department, received a briefing on international market developments concerning Ukraine and noted that the US financial system continues to function in an orderly manner.

Andrea Enria, chairman of the European Central Bank’s supervisory board, said on Tuesday that banks’ direct exposure to Russian assets in the eurozone appears to be contained and manageable. For example, Russian and Ukrainian debt securities made up about half a percent of Eurozone Investment Fund debt holdings.

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“So far we haven’t seen anything particularly disruptive,” even in indirect contact with Russia, he said. Still, there are risks posed by Russian debt default and wider financial market volatility, especially in markets involving oil, gas and other commodities, he said.

“On the whole, Russia is not systematically risky, although there are people who have large portions of Russian debt and they have to figure out what to do,” said Paul Cadario, a former World Bank official who worked in 1990. He used to oversee the budget of the bank in the decade of 1980. For Central and Eastern Europe and the former Soviet Union.

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