On August 9, the first anniversary of the rigged elections in Belarus that prompted a ferocious crackdown by authorities, the UK government joined the European Union in imposing sanctions on new Belarusian sovereign debt.
A fresh round of US sanctions on Belarus announced on the same day failed to mention sovereign debt. Nevertheless, the direction of travel was clear and, for the moment at least, the Belarusian regime is effectively cut off from raising funds on international bond markets.
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