Another year, another Russia shutdown: after two years of brisk flows, capital markets activity came to an abrupt halt in April when the US imposed sanctions on Oleg Deripaska, Viktor Vekselberg and their associated companies.
Eurobond issuance dried up, a clutch of IPOs were postponed and investment bankers covering Russia – a fairly phlegmatic bunch – resigned themselves to a relatively lean summer in the hope that the autumn would bring a resumption of business.
As threats of further sanctions emerged in August, from both the State Department and the US senate, such expectations began to look increasingly optimistic.
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