A global food crisis sparked by Russia’s invasion of Ukraine escalated on Wednesday as Indonesia tightened curbs on palm oil exports, adding to a growing list of key producing countries seeking to keep vital food supplies within their borders.
The Kremlin accused the United States on Wednesday of declaring an economic war on Russia that was sowing mayhem through energy markets, and put Washington on notice it was considering its response to a ban on Russian oil and energy.
Beaten-down Russian assets are looking attractive to some, with JPMorgan strategists touting the bonds of Russian companies with significant international operations as the best way to profit from distressed pricing, while two banking sources said that loans of Russian corporates had been offered at a steep discount.
Western sanctions banning several Russian banks from the SWIFT international payments network with the potential threat of more to come if there is no end to the Ukraine conflict is likely to push Moscow to seek alternatives.
"Commitments made since the opening of subscription to the 1st tranche of the national bond have totalled TND 530 million, or 150% of value of this bond loan (TND 350 million)," said Maher Zouari, the Director General of Tunisie Clearing which is in charge of keeping subscribers' registers.
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