Italian bank ready to place Russian bonds despite US & EU directives…(Bye Bye Western Banking!)

Thursday, April 7, 2016
By Paul Martin
7 Apr, 2016

Italy’s Bank Intesa says it’s ready to participate in placing Russian bonds. The bank says it is also interested in taking part in the privatization of Russian state companies.

“These are not sanctions, these are US recommendations. Bank Intesa has not said it will follow these recommendations. There are banks that have said yes to this. We did not say anything, we will continue our work,” the head of Intesa’s Russian branch Antonio Fallico told the TASS news agency on Wednesday.

Fallico added that the bank will also participate in the privatization of Russian state-owned companies. “I can’t say which ones. It’s privileged information,” the Chairman said.

A number of European banks have decided to stay away from Russia’s $3 billion sovereign bond sale, unwilling to upset US and EU authorities.

Despite there being no direct restriction to place Russian bonds, the Financial Times, quoting sources familiar with the situation, reported that Brussels is asking European banks to skip Russia’s planned sovereign bond issue, as it could undermine the sanctions regime.

The warning from the EU came after Washington urged major banks not to bid on a potentially lucrative but “politically risky” Russian bond deal.

The Rest…HERE

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